Violation Tracker Individual Record

Company: 
McVean Trading & Investments, LLC
Penalty: 
$1,500,000
Year: 
2017
Date: 
June 21, 2017
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
securities issuance or trading violation
Violation Description: 

The U.S. Commodity Futures Trading Commission entered an Order filing and simultaneously settling charges against Respondents McVean Trading & Investments, LLC, a Memphis-based Futures Commission Merchant, its Chairman and CEO, Charles Dow McVean, Sr., and President, Michael J. Wharton, and long-time MTI consultant Samuel C. Gilmore. The Order found that, by secretly using cattle feedyards as straw purchasers for hundreds of long live cattle futures contracts which at some points more than doubled CME spot month position limits McVean and Wharton intentionally or recklessly used a manipulative or deceptive device to inject false information into the market, which had the potential to affect the live cattle futures market.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Commodity Futures Trading Commission
Civil or Criminal Case: 
civil
Source Notes: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.