BCSC-banned Briner looking at $280,000 (U.S.) fine

2016-07-21 10:45 ET - Street Wire

by Mike Caswell

The Commodity Trading Futures Commission has asked an Illinois judge to impose a $280,000 civil fine and a permanent ban on disbarred Vancouver lawyer John Briner. (All figures are in U.S. dollars.) The CFTC is seeking the penalty after Mr. Briner helped a California man carry out a series of prearranged futures trades in 2015. The scheme involved 1,284 perfectly matched transactions that occurred on OneChicago, a single stock futures exchange.

The proposed penalty is contained in a motion for default judgment that the SEC filed on Wednesday, July 20, in federal court in Chicago. The CFTC is asking that the judge impose a permanent ban on commodities trading as well as an injunction barring future violations. The regulator says that a fine of $280,000 is also appropriate, given the level of misconduct and the need to deter others from similar actions.

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"The CFTC is asking that the judge impose a permanent ban on commodities trading as well as an injunction barring future violations."

Dang it. Shut out of the commodities market. And this year looks like the turnip crop might come up short of expectations.

BCSC-banned Briner sees CFTC co-defendant settle

2016-07-04 10:49 ET - Street Wire

by Mike Caswell

"It appears that Mr. Briner has since left the markets entirely. Ahead of his sentencing in the criminal case, he told the judge that he was working as a farmer in Abbotsford. The income, as he described it, was substantially less than his income as a lawyer, and left him struggling to pay his bills."