Commodity broker banned for manipulating coffee futures

During a key one-minute period of trading on 15 August 2007, commodity broker for Sucden Limited Charles Kerr carried out trades to artificially hike the price of coffee futures for the benefit of his client, who also helped develop the plan. Kerr has also been fined £100,000 for abuse of the market - a fine which would have amounted to £125,000 had he not agreed to settle the case and qualify for a 20% discount under the regulator's executive settlement procedures. His client did not make the intended profit. Kerr, who actively encouraged the market manipulation and benefited fina...