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Aug. 26, 2004 / 2:00 PM

CFTC fines oil broker

WASHINGTON, Aug. 26 (UPI) -- The U.S. Commodity Futures Trading Commission Thursday temporarily suspended the license on a crude oil broker for violating anti-fraud trading laws.

The CFTC also levied a $10,000 fine, and placed other restrictions on Izmir Mehmedovic, a registered floor broker in the crude oil ring of the New York Mercantile Exchange.

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The CFTC said Mehmedovic knowingly traded ahead of a customer order at a better price and pocketed the profit in his personal trading account on at least one occasion.

The CFTC suspended his license and prohibited him from personal trading for three months beginning Sept. 1 and banned him from trading for others for 18 months.

Mehmedovic, of Glendale, N.Y., agreed to the CFTC's order to settle the case without admitting or denying the charges.

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