Futures International LLC, an introducing broker registered with the Commodity Futures Trading Commission, and Amedeo Cerrone, its chief operating officer, settled charges brought by the CFTC that the firm failed to comply with applicable recordkeeping and supervisory requirements in connection with customer orders it executed from at least January 2009 to at least November 2012. The CFTC action was initially filed in a federal court in Illinois during October 2014. During the relevant time period, claimed to the Commission, the firm routinely failed to obtain or record order instructions from its customers in the form required by CFTC rules until after the orders were executed. Among other techniques, employees of the firm routinely time stamped blank order tickets and used these tickets to record required customer order information after the fact, in order to give the appearance they were prepared in accordance with CFTC requirements, said the Commission. Moreover, sometimes “FI employees executed trades without knowing what customer, if any, would eventually accept the trade,” said the Commission. Mr. Cerrone was charged as being responsible for each of FI's violations as a so-called "controlling person" of the firm. To resolve this matter, FI and Mr. Cerrone agreed to pay a combined fine of US $500,000 and to comply with applicable regulatory requirements going forward. (Click here to access information regarding a separate administrative action against one of FI’s principals in the article entitled “Former CBOT Floor Broker Fined US $200,000 by CFTC for Trading, Recordkeeping and Supervision Violations” in the October 12, 2014 edition of Bridging the Week.)