Wednesday, 17 December 2014
Last updated 6 hours ago
Apr 12 2010 | 12:58pm ET
A Woori Investment & Securities executive has been charged with illegally trading natural gas and heating oil futures at his employer’s expense.
Kuen Cheol Song, who works for Singapore-based hedge fund Woori Absolute Partners, made a series of non-competitive, fictitious trades between his personal account and the hedge fund, according to the U.S. Commodity Futures Trading Commission. The scheme has allegedly earned Song more than $348,000 since August—costing Woori the same amount.
Song, a Singapore national, is a director of Woori Absolute. A federal judge has frozen some of Song’s assets and issued an injunction barring him from destroying records or keeping the CFTC from perusing his books.
While Song is not and has never been registered with the CFTC, the allegedly illegal trades took place on the New York Mercantile Exchange.
The regulator is seeking restitution, civil penalties, and a trading and registration ban against Song. A hearing on a preliminary injunction is scheduled for next week.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.