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.
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