NEW YORK — A reported target of the government's investigation of New York's futures markets and his firm were fined a total of $550,000 today for violating trading rules at the Commodity Exchange.
Preston H. Semel, who runs a brokerage in gold, silver and other commodities, was cited after an internal exchange investigation of various trading rules violations, including ones that apparently parallel a separate federal probe.
Comex spokesman Robert McGrath said Semel was fined $350,000 and suspended for nine months from the exchange. His firm, Semel & Co., was fined $200,000.
The violations by Semel involve improper cross-trading and prohibited dual trading, two offenses that center on trading for customers and personal accounts.