CFTC Fines Futures Commission Merchant MTI $5 Million for Live Cattle Fraud

[kreslik.news]

Yesterday, the United States Commodity Futures Trading Commission (CFTC), an American regulatory authority, filed an order and settled its charges against McVean Trading and Investments LLC (MTI), a futures commission merchant based in Memphis, USA, for allegedly feeding false information into the market.

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The accused men are the company’s Chairman and CEO Charles Dow McVean Sr., President Michael J. Wharton, and long-standing consultant Samuel C. Gilmore. According to the allegations, the three secretly used cattle feed yards as straw buyers (someone who ... (read more)