- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-09-30T15:08:00
A futures broker affiliate of food processing giant ADM agreed to pay $500,000 to settle charges it failed to properly supervise its employees and agents in their handling of commodity interest accounts.
ADM Investor Services was penalized by the Commodity Futures Trading Commission (CFTC) for failing to detect repeated incidents where brokers employed by ADM executed improper or fictitious trade transfer requests that violated the Commodity Exchange Act and CFTC regulations. Most of the alleged activities occurred from 2016-19, although one broker’s misconduct dated back to 2012, according to the CFTC’s order.
The pattern of misconduct was not detected and halted because of inadequate compliance policies and procedures related to requests by ADM brokers to transfer, allocate, or move existing trades between or among customer accounts, the CFTC said.
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