Tuesday, 26 May 2015
Last updated 6 min ago
Jul 26 2011 | 8:48am ET
The U.S. Commodity Futures Trading Commission has slapped hedge fund manager Christopher Pia with a $1 million penalty for attempting to manipulate the metals market.
The commission says that from “at least November 2007 until May 2008,” while Pia was a portfolio manager at Moore Capital Management, he “frequently” attempted to manipulate the settlement prices of palladium and platinum futures contracts, “banging the close” to drive the price of futures contracts up.
The CFTC order permanently bans Pia from trading CFTC-regulated products during the closing period of the markets and from trading CFTC-regulated products in platinum and palladium.
Said David Meister, CFTC division of enforcement director: “To protect market participants and promote market integrity, individuals who attempt to manipulate commodity prices must and will be held personally accountable. As demonstrated by today's action, the commission will not hesitate to impose significant sanctions on such traders.”
Pia, who left Moore and started his own hedge fund in 2008, will be monitored to ensure his compliance with the order for a five-year period.
In April, the CFTC fined Moore Capital $25 million and rapped the firm for failing to properly supervise Pia. In addition, the regulator restricted Moore’s commodity pool operator and commodity trading advisor registrations for three years, and restricted it from trading 15 minutes before the close of the palladium and platinum markets.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…