NEW YORK (Reuters) - A futures broker has agreed to pay a $1.56 million penalty to settle claims that he manipulated wheat futures prices with fictitious sales in 2009, according to a court filing.
Eric Moncada, who worked for trading firms BES Capital LLC and Serdika LLC in New York, will also be barred from trading wheat futures products for five years, among other terms of the settlement filed in Manhattan federal court on Wednesday.
U.S. District Colleen McMahon, who in July ruled that there was “absolutely no dispute” that Moncada had engaged in fictitious sales, approved the settlement. [ID: nL2N0PQ2XU]
Moncada neither admitted nor denied wrongdoing in the settlement.
Reporting by Bernard Vaughan