# CFTC FILES AND SETTLES CLAIMS AGAINST FLOOR BROKER MICHAEL H. VARNER; CFTC Orders Varner to Pay Civil Penalty and Prohibits Him from Trading for Customers for Five Years

> CFTC release 4809-03 · 2003-07-03 · **Settlement** · ENFORCEMENT

## Key facts

- **Release number:** 4809-03
- **Release date:** 2003-07-03
- **Type:** Settlement
- **Title:** CFTC FILES AND SETTLES CLAIMS AGAINST FLOOR BROKER MICHAEL H. VARNER; CFTC Orders Varner to Pay Civil Penalty and Prohibits Him from Trading for Customers for Five Years
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/4809-03

## What this is

CFTC enforcement actions cover derivatives + commodities + crypto fraud cases. The Commission charges market participants under the Commodity Exchange Act for spoofing, manipulation, fraud, wash trades, registration violations, and pool-operator misconduct. Most actions settle with restitution + civil money penalty + a bar/suspension.


## Citation

> US Commodity Futures Trading Commission, press release 4809-03, "CFTC FILES AND SETTLES CLAIMS AGAINST FLOOR BROKER MICHAEL H. VARNER; CFTC Orders Varner to Pay Civil Penalty and Prohibits Him from Trading for Customers for Five Years", 2003-07-03. Retrieved via AI Analytics 2026-06-26 from https://api.ai-analytics.org/cftc-action/4809-03.

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