Brokerage Files for Liquidation: International Trading Corp....

Brokerage Files for Liquidation: International Trading Corp. of San Mateo, Calif., a commodity brokerage firm facing a huge lawsuit by federal regulators, has filed for Chapter 7 liquidation in federal bankruptcy court in San Francisco. The company was charged last month in the biggest fraud suit ever filed by the Commodity Futures Trading Commission. The commission said the firm used high-pressure telephone sales to bilk customers out of $283 million in commissions, leading to $428 million in account losses. The bankruptcy filing listed $11.7 million in assets and $10.5 million in liabilities as of Sept. 30.