CFTC subpoenas metals warehousing firm as inquiry heats up – Yahoo! News
The U.S. commodities market regulator has subpoenaed a number of
major metals warehousing firms, including Switzerland-based commodities
giant Glencore, seeking documents and communications from the last three
years as an inquiry into complaints about inflated metals prices
gathers steam.
The U.S. Commodity Futures Trading Commission (CFTC) sent the
subpoenas last week, sources familiar with the matter said, after a
letter from the regulator last month ordered warehouse firms to preserve
emails, documents and instant messages from the past three years.
The subpoenas are the latest sign that the CFTC is stepping up its
inquiry as it looks into allegations by users of metals, such as
Coca-Cola Co, that warehousing firms have made it more expensive for
them to buy metal by restricting the flow of metal out of warehouses.
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