First Commodity was expelled from an exchange.
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The large retail futures broker has been expelled from the MidAmerica Commodity Exchange and fined a record $3.58 million for alleged fraudulent practices and other violations of exchange rules. MidAmerica, an affiliate of the Chicago Board of Trade, reaffirmed an earlier decision to expel First Commodity Corp. of Boston and then imposed the fine, the largest ever levied by a U.S. futures or securities exchange. The company said it will appeal.
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