A federal jury in the Northern District of Illinois recently found two former precious metals traders at JPMorgan Chase & Co., guilty of fraud, attempted price manipulation, and spoofing via a precious metals futures contracts scheme that occurred over an eight-year period and encompassed “thousands of unlawful trading sequences,” authorities say. The two, now-convicted, ex-traders… Read More >>
Spoofing is Fraud & Erodes Investor Trust: Q&A
(FTF News reached out to Travis Schwab, CEO of Eventus, based in Austin, Texas, to check in with him about regulatory actions to stop false trade orders that spur sharp market price reactions before they disappear — otherwise known as “spoof orders.” Regulators have hit JPMorgan with a recent record $920 million fine and authorities have convicted… Read More >>
Spoofing Cases Yield a Record Fine & Convictions
False trade orders that spur sharp market price reactions before they disappear — otherwise known as “spoof orders” — have the full attention of authorities as evidenced by a recent record fine against JPMorgan, and the conviction of two former traders at Deutsche Bank. JPMorgan Chase & Co. has agreed to pay nearly one billion… Read More >>
Scotiabank Fined $127M for Price Fixing & Spoofing
The Bank of Nova Scotia (Scotiabank) is settling major criminal and civil charges that it engaged in price-fixing and spoofing efforts via precious metals futures contracts. The Toronto-based bank has signed separate agreements with the U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC), with the combined fines totaling approximately $127.5 million. The… Read More >>
MUFG Subsidiary Hit with Spoofing Fines & Penalties
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (MUMSS) has been fined and penalized on charges that it used spoofing tactics while engaging in the proprietary trading of Japanese government bond futures, which it will have to suspend from Oct. 9 to Oct 11 as a disciplinary measure. The actions were taken by the Osaka Exchange… Read More >>
