CFTC charge Nymex brokers with diverting funds to own accounts
U.S. Commodity Futures Trading Commission (CFTC) has issued
two orders filing and simultaneously settling charges against
New York Mercantile Exchange (Nymex) brokers Steven Karvellas
and Thomas Maloney for fraudulently allocating trades to their
personal accounts and depriving customers of the opportunity to
The orders require Karvellas and Maloney, in total, to pay
$437,500 in penalties and permanently prohibit them from
trading in the commodities markets.
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