Two Indians sued in US for illegal trading
Two Indian nationals have been sued in the US for allegedly engaging in an illegal trading scheme to earn more than USD 118,000 in profits.
Washington: Two Indian nationals have been
sued in the US for allegedly engaging in an illegal trading
scheme to earn more than USD 118,000 in profits.
The US Commodity Futures Trading Commission (CFTC) filed
a civil complaint in the US District Court for the Northern
District of Illinois against Deepak Singhal, a California
resident, and his mother Meera Singhal, who lives in India.
In its complaint, CFTC said the mother-son duo were
engaged in transactions in violation of the Commodity Exchange
Act and trading non-competitively in violation of a CFTC
regulation, or aiding and abetting such violations.
The complaint, filed on January 9, alleged that since at
least December 16, 2010, through December 29, 2010, they were
engaged in a series of illegal commodity options transactions
involving several types of foreign currency options on the
Chicago Mercantile Exchange (CME), specifically 424
non-competitive, fictitious trades.
"Through this allegedly illegal scheme, Deepak Singhal`s
account transferred profits of at least USD 118,868.75 to
Meera Singhal`s account, according to the complaint," the
In its continuing litigation, the CFTC seeks a return of
ill-gotten gains, restitution, civil monetary penalties,
trading and registration bans, and permanent injunctions
against further violations of the federal commodities laws.