Shipkevich Bitcoin and ICO Attorney
Felix Shipkevich May 9, 2011

Late last week, a federal judge in Illinois ordered Marat Yunusov to pay a half million dollars as a civil monetary penalty for fictitious trading and noncompetitive trading practices on the Chicago Mercantile Exchange (CME). Yunusov, a Russian national , has also been permanently banned from any commodity-related activity in the jurisdiction of the CFTC.

This order concludes a case opened in June of last year, when the CFTC filed a complaint against Yunusov for a series of unlawful trades on the CME’s Globex electronic trading platform. Using two separate futures commission merchants to trade back-month, illiquid Russian Rubles and e-micro British Pounds, he racked up millions in losses for the Open E Cry LLC, while adding those millions in profits to his Velocity Futures LLC account. At the time, Open E Cry had to pay the $7.8 million out of its own proprietary fund.

Read more about this enforcement action.