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Elaine Yu Fired by Cetera After Allegedly Violating the Commodity Exchange Act

Elaine Yu (CRD #: 6341833) has been fired by Cetera Investment Services. This disclosure appears on her BrokerCheck record, accessed on November 10, 2023. Details regarding this termination and regulatory action are provided below. 

On October 23, 2023, Cetera fired Elaine Yu following allegations that she violated the Commodity Exchange Act. 

On September 22, 2023, the Commodity Futures Trading Commission (CFTC) alleged Elaine Yu engaged in illegal transactions on the Chicago Mercantile Exchange involving 33 non-competitive, fictitious sales of 410 futures contracts. The CFTC alleges that Elaine Yu used this scheme to transfer at least $159,000 to her cousin in Shanghai, China.  

The CFTC issued civil and administrative penalties/fines of $300,000. The regulator also issued a trading ban. 

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of the Commodity Exchange Act may also violate this rule. 

Background Information

Elaine Yu has passed the following exams: 

  • Series 66 – Uniform Combined State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 

During her nine years of experience, she has exclusively registered with Cetera Investment Services (CRD #: 15340). 

Kurta Law Can Help

If you worked with Elaine Yu and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

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