Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Feds charge Intrade with illegally selling bets

Send a link to a friend

[November 27, 2012]  MILAN (AP) -- U.S. regulators are suing the Intrade predictions market, saying it illegally let customers bet on future economic data, gold prices and other events.

The Commodity Futures Trading Commission said in a complaint filed Monday that Intrade and its operator, Trade Exchange Network Limited, sold investment contracts that technically are options. Options must be traded on approved, regulated exchanges.

The CFTC says Intrade illegally solicited retail customers to buy the contracts. It says Intrade and TEN falsely claimed that the contracts were not being sold to retail customers.

Regulators want the companies, which are based in Ireland, to pay fines and return profits that were obtained illegally.

Intrade is known for allowing customers to bet on the outcomes of presidential elections, sports and other high-profile events.

[Associated Press; By DANIEL WAGNER]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


< Recent articles

Back to top


News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor