- Dec 27, 2009
- Reaction score
- Los Angeles, California
Any fraud among commodity traders?You do understand that, right? Commodities traders, are people who buy and sell commodities.
commodities fraud | Definition, History, & Examples
"Commodities fraud, any illegal attempt to obtain money in connection with a contract for the future delivery of assets, which ultimately are never exchanged.
"Commodities fraud typically involves assets traded on organized exchanges such as the Chicago Board of Trade, the Chicago Mercantile Exchange, the New York Futures Exchange, the MidAmerica Commodity Exchange, and the Kansas City Board of Trade.
"Commodities fraud pertains to exchange members who fail to register with the exchange, who perform transactions with no economic purpose other than to generate profit for the member of the exchange, who provide false or misleading information to customers, or who steal customer funds."