Spoofing is a strange thing; some could argue it is part of a best execution policy when trying to fill a very large order, others that it is criminal activity, and both would have valid points – but is it fraud? I have no wish to get into the legal technicalities, especially around US law, […]
Tag: Andre Flotron
A US District Court in Connecticut has issued a Final Judgment and Consent Order against Andre Flotron, a former precious metals trader for UBS, requiring him to pay a $100,000 civil monetary penalty for spoofing and engaging in a deceptive or manipulative scheme through his spoofing in violation of the Commodity Exchange Act (CEA) and CFTC Regulations.
The Order also imposes a one-year trading and registration ban. Flotron was one of eight traders from three institutions charged by the Commodity Futures Trading Commission (CFTC) over a spoofing scheme.
The US Commodity Futures Trading Commission (CFTC) has filed a total of eight charges against three banks and five individuals for spoofing in precious metals markets as well as other futures contracts.
The Commission issued orders filing and settling charges against Deutsche Bank, requiring it to pay a $30 million fine; UBS, which is to pay a $15 million fine; and HSBC, which will pay $1.6 million. All three banks consented to the orders without admitting or denying any of the accusations.