NEW YORK, October 24, 2023--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP is proud to announce that it represented a whistleblower who provided support to the Commodity Futures Trading Commission (the "CFTC"). In connection with that matter, the CFTC obtained a $3 million settlement.

The case concerns the attempted manipulation by Ceres Global – which procures, merchandises, and stores grains and other energy and industrial products – of the price of oats futures from approximately June 13, 2016 to July 15, 2016, and again from January 1, 2017 to March 15, 2017. "This case underscores the degree to which whistleblowers can play a critical role in helping regulators police esoteric markets," said Kirby McInerney Co-Managing Partner David Kovel, who oversaw the case. "Our client came forward and helped the CFTC see into this obscure and illiquid market."

In its settlement order, the CFTC stated that "Ceres attempted to manipulate the price of oats futures in an effort to profit from futures trading and gain competitive advantages over their competitors by obtaining higher quality oats from the futures delivery process. In its effort to affect oats futures prices, Ceres built large long positions at or close to the spot month speculative limits, held those long positions into the delivery period, and took delivery of oats. Senior personnel at Ceres knew about and facilitated the attempted manipulation."

In addition to the monetary penalty, as part of the settlement,...

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