A Houston-based former commodities trader was charged with hiding trading losses from his employer and reaping rich compensation based on falsified performance.
David Smothermon was arrested Nov. 6, charged with wire fraud by the the U.S. attorney in Manhattan and scheduled to appear in federal court in Texas on Nov. 7. He oversaw the trading of liquefied petroleum gas for his former employer, according to the U.S. attorney’s office.
Prosecutors didn’t identify the company, but Smothermon appears in a Google search as a former employee of Trammo AG, a New York-based firm that trades physical supplies of chemicals including ammonia, ...
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