Lee fined $500,000 for misvaluing gas options and deceiving BMO

09 Nov 2009

David Lee, a former natural gas trader at the Bank of Montreal, was issued on November 5 with a $500,000 civil monetary penalty by a New York court and was banned from any commodity-related trading.

Lee settled charges brought by the Commodity Futures Trading Commission of mismarking and misvaluing the Bank of Montreal’s...

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“At our current funding level, the Commission is under serious strain. We lack the staff and resources necessary to both implement Dodd-Frank and continue to fulfil our pre-Dodd-Frank duties under the Commodity Exchange Act. Without additional funding, the strain will only become worse in July, when much of Dodd-Frank goes into effect.”

The CFTC's Michael Dunn pleads for Congressional support over the regulator's budget.

Lee fined $500,000 for misvaluing gas options and deceiving BMO

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