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Kraft Foods Defrauded $5.4 Million from Wheat Market Traders, CFTC Alleges

by David Gutierrez, Natural News:

The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Kraft Foods Group and Mondelez Global, alleging that the companies engaged in price manipulation of wheat and wheat futures.

The lawsuit concerns activities that took place in 2011, before the now-defunct company Kraft Foods Inc. split into two separate companies: Kraft Foods Group (which sells grocery products such as Kraft cheese, Oscar Meyer deli meats and Maxwell House coffee) and Mondelez Global (which owns snack food brands such as Oreos, Wheat Thins and Ritz).

“This case goes to the core of the CFTC’s mission: Protecting market participants and the public from manipulation and abusive practices that undermine the integrity of the derivatives markets,” said CFTC Director of Enforcement Aitan Goelman. “A market participant who is not happy with cash prices available to it may not resort to manipulative trading strategies in an attempt to artificially lower that price.”

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