CFTC Orders Chicago-Based Advantage Futures LLC, Its CEO Joseph Guinan, And Former Chief Risk Officer William Steele Jointly To Pay A $1.5 Million Civil Monetary Penalty For Supervision, Risk Management Failures, And Making Inaccurate Statements In Required Filings With The CFTC

The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Advantage Futures LLC (Advantage), a Chicago-based Futures Commission Merchant (FCM), for failing to diligently supervise the handling of certain commodity interest accounts, for deficient risk management and credit risk practices, and for knowingly making inaccurate statements to the CFTC through the submission of required risk manuals and the Annual Chief Compliance Officer’s Report. The CFTC Order also charges Advantage’s Chief Executive Officer Joseph Guinan, a resident of River Forest, Illinois, with supervision failures and former Chief Risk Officer William Steele, a resident of Vernon Hills, Illinois, with failing to supervise Advantage’s risk management program. The violations of the Commodity Exchange Act (CEA) and Regulations began in or about November 2011 to at least August 2015, according to the Order.