The U.S. Commodity Futures Trading Commission said Monday it has settled fraud and unauthorized trading charges against a Naperville floor trader at the Chicago Board of Trade whose activities generated a $4 million loss.

The CFTC order permanently bans John Lee Neuman from trading. He had registered with the CFTC as a floor broker from May 1993 until February 2008, and became a local in the CBOT corn options pit in September 1997.

The CFTC said that in June 2007, Neuman made unauthorized trades and amassed a net long corn futures position of about 4,000 contracts, meaning he made a major bet that the market would go up. He also altered data in a computer program used to monitor his trading. The owner of the account for which Neuman was trading suffered losses of $4 million when his unauthorized positions were discovered and liquidated, the CFTC said.