WASHINGTON, D.C. – Thorbjorn Haveman of Elmhurst, Illinois, was charged with futures fraud and settled with the U.S. Commodity Futures Trading Commission (CFTC) on May 2, 2011. The CFTC alleges that between September 2008 and February 2010, Haveman, a former floor broker with the Chicago Mercantile Exchange (CME), executed 458 fictitious trades to illegally profit.
According to the CFTC’s order, Haveman, while acting as a clerk for three “local” traders, fraudulently recorded unauthorized round-turn trades in S&P 500 futures contracts. These trades were never legitimately executed on the trading floor. Haveman exploited his access to the traders’ trading cards, falsely entering trades that benefited his account while causing losses to theirs. The scheme involved pre-arranging trade prices and quantities outside of the open market and falsifying trading records.
The CFTC found that Haveman misappropriated $218,425 from the three traders through this manipulative scheme. Each illegal trade generated a profit for Haveman, directly corresponding to a loss for the traders he was supposed to be assisting. The agency determined the trades violated the Commodity Exchange Act (CEA) and CFTC regulations due to their unauthorized, fictitious, and noncompetitive nature.
As a result of the settlement, Haveman is required to pay a $140,000 civil monetary penalty and is permanently barred from trading commodities. The CME Group also pursued disciplinary action against Haveman, mandating he pay $218,425 in restitution to the affected traders. The CFTC acknowledged the assistance provided by the CME Group in this investigation.
Haveman’s registration with the CME was terminated in April 2010, and he is currently not registered with the CFTC.
Source: CFTC.gov
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