New York Mercantile Exchange (Nymex) has watched its strategy to invest in brokerage Optionable blow up in its face as the brokerage firm first lost it largest customer and is now embroiled in an embarrassing admission that its co-founder and chief executive was convicted of credit card fraud seven years ago.
Kevin Cassidy, who resigned from the top executive position on 12 May, was sentenced to 30 months for credit card fraud in 1997. He also served six months for tax evasion in 1993.
That, combined with Bank of Montreal (BoM), suspending its relationship with Optionable after it reported...