Citigroup in fraud claim

Man And Screen In The Dark

A Texas man accused of defrauding a bank of $42.4m fraud while trading ethanol futures contracts in 2010-2011 worked for Citigroup at the time, a Citi spokesman said on Monday.

Reuters reports that the Commodity Futures Trading Commission (CFTC) on Friday accused John Aaron Brooks of Texas of knowingly inflating the value of his ethanol futures positions while working for the commodities arm of a 'large commercial bank' from November 2010 to October 2011.

The CFTC did not name the bank involved, but a spokesman for Citi has confirmed Brooks was employed by the bank during the time of the alleged scheme. The spokesman declined further comment.

A lawyer for Brooks declined to comment. Brooks did not answer calls seeking comment. A spokesman for the CFTC also declined to comment.

To access the complete Reuters article hit the link below

Citigroup hit by alleged $42 million ethanol futures fraud

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