The U.S. Commodity Futures Trading Commission issued an order filing and simultaneously settling charges against Marubeni America Corp., a dealer and merchant of agricultural commodities and the largest overseas subsidiary of the Japanese company Marubeni Corporation, for failing to comply with its obligation to submit accurate monthly reports regarding the composition of Marubeni’s fixed-price cash grain purchases and sales that are part of hedging positions.
CFTC found from July 2010 through August 2013, Marubeni Marubeni filed 38 reports with the CFTC that did not accurately state the quantities of Marubeni’s fixed price cash positions of each such commodity it hedged.
The CFTC Order requires Marubeni to pay an $800,000 civil monetary penalty and to cease and desist from committing further violations. Marubeni America acquired Gavilon’s agricultural commodity business, based in Omaha, in 2013.