CFTC Orders Cargill, Inc. to Pay a Civil Monetary Penalty for Providing Inaccurate Mid-Market Marks on Swaps

Reason:
Misconduct
Content of Penalty:

The CFTC Order finds that Cargill provided counterparties and the SDR inaccurate marks which had the effect of concealing up to ninety percent of Cargill’s mark-up. Cargill also failed to diligently supervise its employees in connection with these inaccurate marks, and in connection with inaccurate statements made to swap counterparties. In particular, the CFTC Order finds that Cargill provided marks that concealed its full mark-up because of a concern that providing accurate marks would reduce Cargill’s revenue.

Date: 07/11/2017
Amount: 10,000,000
Link: http://www.cftc.gov/PressRoom/PressReleases/pr7640-17

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