Kent Woods, a long time floor broker on the Chicago Board of Trade, and an associated person and principal of Futures International, Inc., an introducing broker, was charged by the Commodity Futures Trading Commission in an administrative proceeding with failing to comply with applicable recordkeeping requirements in connection with customer orders he executed from at least January 2009 to at least November 2012. According to the Commission, during this time, Mr. Woods routinely failed to obtain or record order instructions from his customers in the form required by CFTC rules. Because Mr. Woods filled orders where he did not have a specific customer order or a formal power of attorney, his trading constituted the exercise of discretion that was unauthorized, claimed the Commission. In addition, the CFTC alleged that Futures International’s staff and Mr. Woods routinely created a false audit trail of customer orders by using pre-stamped order tickets to reflect orders and fills after execution. For these violations, Mr. Woods was also charged with engaging in unauthorized trades and failure to supervise. He agreed to settle this matter by payment of a fine of US $200,000 and restrictions for two years on the way he places or executes non-electronic orders. Separately, the CFTC charged Futures International and Amadeo Cerrone, its chief operating officer, for similar violations in a federal court in Chicago.