CFTC settles charges against Kansan in cattle case
The Commodity Futures Trading Commission on Monday issued an order filing and settling charges against unregistered cattle futures trader Coby Tresner of Andover, Kan., for misappropriating funds.
The order finds that Tresner solicited and received money from clients to trade cattle futures on their behalf, but instead of using it for trading, paid his personal debts and living expenses.
The order also finds that Tresner solicited and accepted orders from customers when he was not registered as required with the CFTC as an associate of a registered broker firm or as a floor broker. The order further states that Tresner acted, and held himself out to the public, as a commodity trading adviser when he was not registered as such with the commission.
The order requires Tresner to pay a $250,000 civil penalty to the CFTC as well as restitution to clients whose money he misappropriated. The order also permanently bans Tresner from trading on or subject to the rules of any CFTC-registered exchange or other CFTC-registered entity.
In addition, the order permanently prohibits Tresner from entering into any transactions involving commodity interests, on behalf of himself or others, and from applying for registration with the CFTC, among other prohibitions.
The order covers Tresner’s conduct between December 2014 and July 2018.
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