Moore Settles Market Manipulation Charges

Apr 30 2010 | 1:06pm ET

Moore Capital Management has settled charges that a former portfolio manager attempted to manipulate the metals market.

The New York-based hedge fund agreed to pay $25 million to the U.S. Commodity Futures Trading Commission. According to the regulator, a Moore portfolio manager sought to manipulate the price of platinum and palladium futures on the New York Mercantile Exchange in 2007 and 2008. The CFTC says the portfolio manager, reportedly Christopher Pia, “banged the close” to force the price of the contracts up.

“Neither Moore Capital’s principals nor its current management were involved in any improper trading, and none have been accused of any wrongdoing,” Moore said in a statement.

Pia left the firm in 2008 and founded his own hedge fund, Pia Capital.

Moore cooperated with the CFTC, which also rapped the firm for failing to supervise Pia. In addition to the fine, the regulator has restricted Moore’s commodity pool operator and commodity trading advisor registrations for three years, and will be restricted from trading 15 minutes before the close of the palladium and platinum markets.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR