Futures Commission Merchant FCStone To Pay $140K to Settle Supervisory Claims

Futures commission merchant FCStone LLC May 1 agreed to pay a $140,000 fine to settle Commodity Futures Trading Commission allegations that it failed to supervise its employees adequately (In re FCStone LLC, CFTC, 15-21, 5/1/15).

According to the commission, the FCM didn’t have adequate policies or procedures since at least 2008 for the transfer of positions between customers’ accounts. It also allegedly had no written policy for handling a customer request to transfer positions between accounts not under common control.

Instead, the CFTC said, FCStone “had an unwritten policy such that its employees understood that they were ...