NEW YORK, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for futures investors, is investigating claims that Ceres Global Ag Corp. (“Ceres”) attempted to manipulate the prices of July 2016 and March 2017 Oats futures contracts.
On October 23, 2023, Ceres settled charges with the U.S. Commodity Futures Trading Commission (“CFTC”) for $3 million. See Press Release, CFTC Orders Minnesota Grain Merchandiser to Pay $3 Million Penalty for Attempted Manipulation of Oats Futures Prices (Oct. 23, 2023), available at https://www.cftc.gov/PressRoom/PressReleases/8810-23. The CFTC’s Order found that from approximately June 13, 2016 to July 15, 2016 and again from January 1, 2017 to March 15, 2017, Ceres attempted to manipulate the price of Oats futures in an effort to profit from its futures trading and gain competitive advantages. The CFTC also found that Ceres built large long positions at or close to the spot month speculative limits, held those long positions into the delivery period, and took delivery of oats for which Ceres had no commercial need as part of its effort to manipulate prices higher. The CFTC also found that senior personnel at Ceres knew about and facilitated the attempted manipulation. Ceres has not admitted or denied the CFTC’s factual findings.
If you purchased Oats Futures during the period from June 13, 2016 to July 15, 2016 or the period from January 1, 2017 to March 15, 2017 and would like to learn more about Lowey Dannenberg’s investigation, please contact Raymond P. Girnys at rgirnys@lowey.com or Peter Demato at pdemato@lowey.com or by calling (914) 733-7233.
Contact
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7233
Email: pdemato@lowey.com
rgirnys@lowey.com
