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CFTC Charges Marat Yunusov with Engaging in a Series of Unlawful Commodity Futures Transactions on Globex

Court order freezes certain of Yunusov’s assets and prohibits the destruction of documents.

Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) filed a complaint on June 11, 2010, in the U.S. District Court for the Northern District of Illinois charging Marat Yunusov with engaging in fictitious transactions and trading noncompetitively on the Chicago Mercantile Exchange (CME) Globex electronic trading platform. Yunusov, who has never been registered with the CFTC, has held himself out to be a Russian national and also uses the name Ayrat Yunusov.

On June 14, 2010, the emergency judge, the Honorable Joan B. Gottschall, issued a restraining order freezing certain of Yunusov’s assets and prohibiting the destruction of documents. A hearing on the CFTC’s motion for a preliminary injunction is scheduled on June 23 at 1:30 pm before the assigned presiding judge, the Honorable Elaine E. Bucklo.

Specifically, the CFTC complaint alleges that, during the evening of June 3 and the morning hours of June 4, 2010, Yunusov engaged in a series of unlawful commodity futures transactions on the CME’s Globex electronic trading platform, buying and selling thousands of futures contracts, the vast majority of which were in back-month, illiquid markets. Using separate accounts carried at two different registered futures commission merchants, Open E Cry LLC and Velocity Futures, LLC, Yunusov’s trading resulted in more than $7.8 million in losses to his Open E Cry account and an approximate $7.2 million profit to his Velocity account, after commissions and fees. Open E Cry has had to cover the losses from its own proprietary funds, according to the complaint.

The CFTC thanks the CME Group, Inc., the parent of the CME, Open E Cry LLC and Velocity Futures, LLC for their assistance in this matter.

In its continuing litigation, the CFTC seeks restitution, civil monetary penalties, trading and registration bans and a permanent injunction against further violations of the federal commodities laws.

The following CFTC Division of Enforcement staff members are responsible for this matter: William Janulis, Mary Kaminski, Rosemary Hollinger, Scott Williamson and Richard Wagner.

Media Contacts
Scott Schneider
202-418-5174

Dennis Holden
202-418-5088

Last Updated: June 18, 2010