Broker, Firm Settle CFTC Bogus Trade Claims for $1.2 Million

A broker and his Illinois trading firm will pay $1.17 million to settle allegations that they defrauded at least one customer to their own benefit, the CFTC said.

Mark Miller of Batavia, Ill., arranged at least 45 unapproved, bogus trades that moved money from a customer’s accounts to proprietary accounts held by him and his family members, the Commodity Futures Trading Commission said in orders Monday. Miller is a principal of Geneva, Ill.-based Foremost Trading LLC, which he runs with his family.

Miller also orchestrated nearly 500 other unauthorized trades on behalf of the customer to get a futures ...