A New York-based hedge fund has settled charges that it misled the Chicago Board of Trade, the U.S. Commodity Futures Trading Commission said.
EMF Financial Products has agreed to pay $4 million to settle the CFTC allegations. The regulator had accused it of hiding the size of its position in U.S. Treasury futures four years ago. While the hedge fund controlled almost $12 billion in contracts, it allegedly told the CBOT—which was conducting market surveillance in advance of the expiration of the September 2005 contract—that it had a cash position of just $200 million.
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