Chicago, IL – Michael Peskin, 61, was permanently banned from trading commodities after violating a 1993 CFTC trading ban, according to a Consent Order entered on July 24, 2013, by Judge John F. Grady of the U.S. District Court for the Northern District of Illinois.
The case, CFTC v. Michael Peskin, No. 13 cv 5211, originated from charges that Peskin repeatedly disregarded the prior trading prohibition. The CFTC initially imposed the ban in 1993 following findings that Peskin fraudulently allocated trades to his own benefit, at the expense of his customers, in a separate administrative proceeding.
The Commission alleged that Peskin circumvented the 1993 ban by trading through the accounts of others, beginning as early as February 2006 and continuing through December 2012. The CFTC complaint detailed a scheme where Peskin enlisted others to falsely represent themselves as the traders, allowing him to execute trades both by phone and electronically.
Through this illicit activity, Peskin generated a profit of $239,339.78. As a result of the court order, Peskin is required to disgorge this amount, effectively returning the ill-gotten gains. He was also assessed a civil monetary penalty of $250,000.
The CFTC’s Division of Enforcement, led by Susan Padove, Judy McCorkle, Elizabeth M. Streit, Scott Williamson, Rosemary Hollinger, and Richard Wagner, investigated the matter and pursued the enforcement action.
The Consent Order permanently enjoins Peskin from any further violations of CFTC regulations related to trading bans. The ruling effectively bars him from participating in any commodity markets going forward.
Source: CFTC.gov
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