High-stakes fire hook participant Dan Shak is inward raging water with US financial regulators – again. On Friday, the 63-year-old electric circuit habitue was charged with spoofing the Au and silvern markets on the Commodity Exchange Inc. (COMEX).

“Spoofing” refers to the illegal exercise of placing bids on commodities with the spirit to cancel before capital punishment inwards an travail to keep in line the market.

According to the civic complaint filed by the Commodity Futures Trading Commission (CFTC), from February 2015 through Mar 2018, and on “hundreds” of occasions, Shak intermeshed inward “manipulative or deceptive acts” past placing big orders for atomic number 79 or atomic number 47 futures that he had no intention of closing. At the same time, he entered genuine orders on the paired side of meat of these markets.

False Signals

“By placing the spoof orders, Shak purposely or recklessly sent sour signals of increased render or exact that were intentional to trick marketplace participants into executing against orders on the paired side of the market, which he in reality wanted filled,” alleges the CFTC complaint.

Shak’s burlesque orders allowed him to occupy orders on the paired position of the securities industry sooner, at a better price, and/or inwards larger quantities than they otherwise would make been filled,” the CFTC explained.

The guard dog is seeking, among other relief, civic pecuniary penalties, disgorgement, trading bans, and a lasting injunction against future tense violations of the federal commodities laws, as charged.

Las Vegas-resident Shak is considerably known inwards the fire hook humans and a fixture on the high-stakes tourney circuit, with around $11.7 one thousand thousand inwards sack up tournament winnings, according to the Hendon Mob Database. He is also the father and former precept of parry fund SHK Management. His LinkedIn pageboy currently lists him as a “self-employed commodities trader.”

Shaky Ground

Shak has previous with the CFTC. In 2013, he paid a $400,000 mulct for attempting to keep in line the terms of tripping sweetness gross oil color futures contracts on the New House of York Mercantile Exchange (NYMEX). He was prohibited from trading outright futures contracts inward any market during the closing period for ii years. In 2015, he was fined $100,000 for violating that ban.

These charges demonstrate once again that the CFTC testament smartly pursue to the fullest extent of the law, misconduct that has the possible to undermine the integrity of our markets,” Gretchen Lowe, the CFTC’s performing partitioning of enforcement director, said of the in style(p) charges.

The charges amount on the endorse of a high-profile racketeering pillowcase concerning trio former JP Henry Morgan bankers. They’re accused of conspiring to institutionalise damage manipulation, conducting wire fraud, commodities fraud, and spoofing on preciously metals futures markets. type A panel inward Windy City is currently deliberating o'er the case.

In 2020, JPMorgan paid $920 gazillion to solve regulatory charges o'er the defendants’ alleged conduct.

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