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Federal Court Orders Foreign Trader to Pay $390K for Fictitious Sales Scheme

News Corporate Finance & M&A Sanctions & Fines
Date: 24th Oct, 2024 Source: Commodity Futures Trading Commission (CFTC) Country: USA Original Source

Brief

"On 24/10/2024, the Commodity Futures Trading Commission (CFTC) issued an update regarding Federal Court Orders Foreign Trader to Pay $390K for Fictitious Sales Scheme. U.S. District Judge Sherilyn Peace Garnett granted a default judgment against Yueyu Bao, a Chinese citizen, for his involvement in a fictious sales scheme." The CFTC's enforcement action against Bao results from a complaint filed on January 16, involving 33 non-competitive, fictitious sales of futures contracts worth $390K.

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Commodity Futures Trading Commission (CFTC)

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