Joseph Welsh, a former broker for MF Global, agreed to settle charges by the Commodity Futures Trading Commission against him that, from at least June 2006 through May 2008, he attempted to manipulate palladium and platinum settlement prices on the New York Mercantile Exchange. According to the CFTC, Mr. Welsh engaged in such conduct on behalf of Christopher Pia, the trader for his client, Moore Capital Management LLC. In a complaint filed in March 2012 (click here to access), the CFTC alleged that Mr. Pia entered orders to try to increase the prices of palladium and platinum during the closing period, which would impact the settlement prices. The CFTC charged that Mr. Welsh typically placed Mr. Pia’s market on close orders in the last five or ten-seconds of the closing period with a NYMEX floor clerk. According to the CFTC, “[Mr.] Welsh placed orders with the floor clerk with directions that indicated that he wanted to push the settlement prices higher.” To settle this matter, Mr. Welsh agreed to pay a fine of US $500,00, never to trade any platinum or palladium contracts regulated by the CFTC, and to attend annual continuing education programs for five years that address abusive and manipulative trading practices. The CFTC settled charges to a related complaint against Mr. Pia for his payment of a fine of US $1 million in 2011 (click here to access the relevant order of settlement), and against Moore for its payment of a fine of US $25 million in 2010 (click here to access the relevant order of settlement).