ICE Suspends, Fines Ex-Refco Trader

ICE Futures Canada has ordered a 10-year suspension and $20,000 fine for trader Wayne Palmer, who worked for Refco (later Man Financial Canada) in Winnipeg from 2004 until he was fired in 2006. ICE says Palmer and an unnamed “Trader ‘E’” had engaged in pre-execution communications, disclosed confidential client information, engaging in pre-arranged trading and traded on non-public material information between March 2005 and February 2006 – all trading violations which removed transparency and “generally caused harm to the market and to market participants.”

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