A husband and wife have been banned for life from CME Group Inc markets for using noncompetitive cattle trades to improperly transfer funds, according to disciplinary notices issued on Tuesday.
Aaron Wilkey and his wife, Melissa, electronically executed numerous noncompetitive transactions in CME's feeder cattle futures from December 2012 to April 2013, the notices said.
CME, which owns the Chicago Mercantile Exchange and other markets, bars the practice.
The Wilkeys could not immediately be reached for comment. A CME panel found that the Wilkeys had committed the violations after they did not answer the charges against them.
They transferred money to an account controlled by Melissa from accounts controlled by Aaron, according to CME. Separately, Aaron Wilkey improperly prearranged trades to transfer money to his wife's account from his mother's account, the company said.
Aaron and Melissa Wilkey have each been ordered to pay a $100,000 fine to CME, along with restitution and disgorgement for the improper trades.