A northwest Iowa commodity company agreed to an order settling charges from the Commodity Futures Trading Commission.
Kooima & Kaemingk of Sioux Center agreed to repay just under twelve million dollars in restitution to customers, and pay one point two million dollars in a civil penalty.
The CFTC order says the company through two employees, defrauded customers between 2012 and 2016, causing the near twelve million dollars in losses.
Co-owner Brad Kooima issued a written statement, saying “This matter began over 4 years ago with the actions and our firing of a rogue employee. Kooima and Kaemingk Commodities is pleased to have reached resolution with the CME and CFTC on this matter which will allow us to move forward to continue to work for and with our customers for years to come.”
The CME group also imposed a similar penalty for the trading violations.