CFTC Accuses Commodities Broker Coquest of Defrauding Customers

The U.S. Commodity Futures Trading Commission filed a complaint against broker Coquest Inc. on Wednesday, accusing one of the company’s owners of violating the trust of customers on more than 2,000 occasions by using their trades and positions to benefit himself.

According to the complaint filed in the U.S. District Court for the Northern District of Texas, Coquest co-owner Dennis Weinmann routinely quoted prices to customers with whom he was willing to transact through two trading firms -- without disclosing to customers that he was actually acting as a counterparty on behalf of the firms instead of as a broker ...