Washington, D.C. — The Commodity Futures Trading Commission today issued an order filing and simultaneously settling charges against Amaggi Exportação e Importação Ltda. (Amaggi), a corporation based in Brazil, for failing to file timely—and accurate—CFTC Form 204 reports regarding their fixed price soybean positions. The order requires Amaggi to pay a $175,000 civil monetary penalty and to cease and desist from violating CFTC Regulation 19.01.
The order finds that, on approximately 13 monthly reporting dates between January 2018 and January 2021, Amaggi held reportable positions in Form 204 commodities and failed to file the required Form 204 reports showing the quantities of the fixed purchase and sale open cash positions of such commodities it hedged, despite repeated notifications by CFTC staff. In addition, the order finds that, even after filing the missing Form 204 reports, eight of the late-filed reports were inaccurate.
Consistent with this filing, the Division of Market Oversight issued in 2013 an advisory regarding the obligation of market participants to submit accurate Form 204 Reports. [See CFTC Staff Advisory No. 13-42]
The Division of Enforcement staff members responsible for this case are Ben Sedrish, Kelly Beck, Janet Briner, David A. Terrell, Scott Williamson, and Robert Howell.
This news item was originally published by the Commodity Futures Trading Commission (CFTC US). For more information, see the Source Link.