Michael Coscia, 52, of Rumson, New Jersey, the principal of Panther Energy Trading LLC, was indicted by a federal grand jury in Chicago and charged with six counts of commodities fraud and six of spoofing.
American and European business groups have issued reports in recent days expressing concern that foreign firms have faced the brunt of antitrust scrutiny. The American Chamber of Commerce in China called China’s antitrust enforcement “selective and subjective.”
The secured claims consists of mainly employee wage priority claims and CME Group claims; the unsecured general creditor claims include claims filed by introducing brokers, trade vendors, employees, and others according to the spokesman.
The Trustee is proposing to distribute $295 million to holders of secured, administrative, priority and unsecured general claims. The Trustee is also seeking to establish a reserve of $462 million on account of unresolved claims
The settlement talks follow a U.S. Securities and Exchange Commission inquiry begun more than two years ago into key facets of modern markets, including order types -- or instructions for handling transactions that traders can send to exchanges.
The CFMA meant different things to different groups and to the Futures Industry Association and the large bank future commission merchants that had come to dominate its leadership, it meant the potential of delinking clearing from exchanges.