November 21, 2012 / 5:10 PM / in 5 years

CFTC fines Cantor Fitzgerald $700,000 for customer fund violation

WASHINGTON, Nov 21 (Reuters) - Cantor Fitzgerald will pay $700,000 to settle allegations it failed to maintain sufficient funds in its customer segregation account for the three days, among other violations, the Commodity Futures Trading Commission said on Wednesday.

The CFTC said that Cantor failed in early January to maintain adequate funds due to an “inadvertent transfer” of $3 million from its customer funds account instead of from Cantor’s house account.

The issue of segregated customer funds has come to the fore after the collapses of MF Global and Peregrine Financial left customers with more than $1 billion in missing money.

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