By Tess Stynes
A former Morgan Stanley (MS) managing director and branch manager agreed to a $300,000 civil penalty and a four-month registration suspension in a settlement of trading-violation charges, according to the U.S. Commodity Futures Trading Commission.
According to the commission, Benjamin Hutchen of Winnetka, Ill., arranged a number of off-exchange trades between April 2008 and October 2009, mostly in Eurodollar and Treasury note futures contracts, that allegedly resulted in improper reporting to the Chicago Mercantile Exchange and Chicago Board of Trade.
In June, the CFTC reached a related $5 million settlement with Morgan Stanley for alleged unlawful execution, processing and reporting of several off-exchange futures trades to the CME and CBOT as exchanges for related positions.
A Morgan Stanley spokesman and Mr. Hutchen couldn't immediately be reached to comment.
Write to Tess Stynes at Tess.Stynes@dowjones.com
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(END) Dow Jones Newswires
November 27, 2012 17:30 ET (22:30 GMT)
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