Commodity Traders Indicted: Two of New York’s...
Commodity Traders Indicted: Two of New York’s leading commodity traders and their brokerage houses were named in a 60-count indictment accusing them of stealing trading profits from customers and making secret and illegal trades. The indictment spells out commodities, wire and mail fraud charges against Semel & Co.; its majority partner, Preston Semel; CEF & Co. and its president, Charles Federbush, and Michael Renner, who was a floor broker employed by Semel. The charges relate to trading in gold and silver futures contracts on New York’s Commodity Exchange.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
