Advantage Futures LLC, a Chicago-based brokerage, agreed to pay $1.5 million and settled claims that it failed to supervise one of its customers, had deficient risk management and knowingly made inaccurate statements to U.S. regulators, the Commodity Futures Trading Commission said. The CFTC accused the firm as well as Joseph Guinan, its chief executive officer, and William Steele, the former chief risk officer, with supervisory failures. In addition to the monetary penalty, the regulator’s order released Wednesday requires Advantage to improve its policies and oversight practices to prevent and detect violations of U.S. commodities laws. Advantage, Guinan and Steele neither admitted nor denied the allegations. http://www.bloomberg.com/news/artic...fined-1-5-million-for-risk-management-failure