Chicago, IL – April 17, 2015 – The U.S. Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Matthew J. Marcus, of California, and his company, Tech Power, Inc., along with attorney John D. Briner, of Vancouver, Canada, and his firm, MetroWest Law Corporation. The charges stem from alleged manipulative trading practices in single stock futures.
According to the CFTC complaint, Marcus, Briner, Tech Power, and MetroWest engaged in a scheme involving 624 round-turn trades over seven days, from January 28, 2014, to February 5, 2014, on the OneChicago exchange. These trades, conducted between accounts held by MetroWest and Tech Power, were described as “perfectly matched” and “non-competitive.”
The CFTC alleges the defendants pre-arranged these transactions to guarantee Tech Power would profit, effectively transferring at least $390,000 from the MetroWest account to the Tech Power account – a practice the agency terms a “money pass.” The scheme was carried out using two trading accounts at the same futures commission merchant.
On April 16, 2015, Judge Milton Shadur of the U.S. District Court for the Northern District of Illinois issued a restraining order, freezing assets and prohibiting the defendants from destroying relevant documents.
The CFTC is seeking disgorgement of any ill-gotten gains, civil monetary penalties, trading and registration bans, and permanent injunctions to prevent further violations of the Commodity Exchange Act. The agency expressed gratitude for the assistance provided by OneChicago in the investigation.
The case is being pursued by CFTC staff members Lindsey Evans, Diane Romaniuk, Heather Johnson, Melissa Glasbrenner, Robert Howell, Scott Williamson, and Rosemary Hollinger.
Source: CFTC.gov
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