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The U.S. Commodity Futures Trading Commission (CFTC) today settled charges against Chicago futures broker Advantage Futures which agreed to pay $1.5 million over claims that it failed to supervise certain commodity interest accounts. The FCM merchant was also charged with deficient risk management and credit risk practices and for knowingly making inaccurate statements to the U.S. regulator.
The watchdog also settled charges against Advantage’s CEO Joseph Guinan, and former Chief Risk Officer William Steele for failing to supervise Advantage’s risk management program.
Advantage Futures LLC is one of the biggest futures commission merchants (FCMs) based in Chicago. An FCM is an individual or ... (read more)