HuffPo reports that a former portfolio manager for Moore Capital Management agreed on Monday to pay the U.S. futures regulator $1 million to settle charges that he attempted to manipulate prices of palladium and platinum futures contracts on the New York Mercantile Exchange.
Christopher Louis Pia attempted to manipulate the settlement prices of palladium and platinum futures contracts from at least November 2007 until May 2008 while working for Moore Capital, the Commodity Futures Trading Commission said. He had engaged in a trading practice known as "banging the close", the CFTC said.
The order bans Pia from trading CFTC-regulated products during the closing period of the markets and from trading CFTC-regulated products in platinum and palladium. It also requires him to distribute a copy of the regulator's order to current investors and to current and future employees….
Read more at http://www.huffingtonpost.com/2011/07/25/trader-gets-1-million-fine-for-market-manipulation_n_909126.html
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