Ceres Global Pays $3 Million Penalty to Settle Price-Manipulation Charges
23 Octobre 2023 - 8:25PM
Dow Jones News
By Adriano Marchese
Ceres Global has been ordered to pay a $3 million civil penalty
to settle charges with a U.S. regulator over attempts to manipulate
the price of oat futures contracts.
On Monday, the Commodity Futures Trading Commission issued an
order against Minnesota-based Ceres Global which was settled
simultaneously, with the Toronto-listed stock rising 6.7% to 2.40
Canadian dollars ($1.75).
The order stated that Ceres Global attempted to manipulate the
price of oats futures contracts on two occasions, in July 2016 and
in March 2017.
According to the order, senior personnel at Ceres facilitated
the building of large long positions at or close to the spot month
speculative limits, the CFTC said. Ceres held those long positions
into the delivery period, and took delivery of the oats, intending
both to boost the price of oat futures in those contracts and to
obtain higher-quality oats at lower delivery prices, it said.
Ceres said that it has now resolved the matter with the
CFTC.
Ceres said that the $3 million penalty is consistent with the
amount accrued as a legal settlement reserve in the corporation's
financial statements for fiscal 2023.
The company doesn't anticipate any other charges or fines
arising from the corresponding investigation by the Department of
Justice.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 23, 2023 14:10 ET (18:10 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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