Bloomberg News reports that Seksaria in April 2012 'orchestrated and prearranged trades in the June 2015 Eurodollar futures contract opposite one of his employer’s client suspense account, which resulted in the transfer of $2,675 from the suspense account to his personal trading account', CME, operator of the world’s biggest futures market, said on its website.
CME this month barred him from using its markets until after March 19 and ordered Seksaria to repay the $2,675 as well as a fine of $65,000.
'Mr. Seksaria had traded in his personal account on the other side of Pimco client accounts, and profited from that activity – a clear violation of the firm’s policies,” Daniel Tarman, a spokesman for Pimco, said in an e-mailed statement. 'While the amount involved in this matter was small, Pimco’s code of ethics mandates that all employees must abide by the highest standards of personal and professional conduct'.
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