Close this search box.

Home of the best experts

News, Regulation, enforcement & litigation
By Gontran de Quillacq
On August 9, 2021

Golden Clink – Spoofing doesn’t pay

When you are spoofing gold futures, don't brag about it in chat rooms. A few gold futures traders got one year in the clink for market manipulation.

Golden ClinkOne year in the clink for market spoofing, that becomes a serious penalty. And I’m not mentioning the legal fees they must have dropped to defend themselves…


Rule of thumb, if you are doing stuff you shouldn’t be doing, don’t brag about it on chatrooms, especially if you are trying to teach people on how to do it:

  • “I know how to ‘game’ this stuff”
  • “I just put in 500 lots to spoof the gold”
  • “if you spoof this it really moves.”

Anything remembered from LIBOR? Some people just never learn…



Acting Principal Assistant Chief Avi Perry and Trial Attorneys Scott Armstrong and John Liolos of the Criminal Division’s Fraud Section are prosecuting the case. The FBI’s New York Field Office investigated this case.



DOJ Statement Golden Clink

Bloomberg article

Leave a Reply

Your email address will not be published. Required fields are marked *

We would like to express our heartfelt thanks to you, our clients, for your continued and growing business with us. We're also excited to share some...
Investments & markets
The CFTC just fined Goldman for failure to properly disclose prices fairly to clients. And it's all about a technical issue related to the timing of...
Investments & markets
Silicon Valley Bank (SVB) defaulted on Friday. At $212 bn of assets, it is the largest failure since 2008, and probably one of the fastest -...
The financial industry is a legal and compliance minefield for its million+ members. Through the Financial Professionals Coalition, Stephen Kohn, Bill Singer, and a talented group...
Investments & markets
Xi Jinping's new leadership team will maintain the current direction. And China's GDP will slow; the Chinese economy is unlikely to reach that of the US...
Regulation, enforcement & litigation
Johnson & Johnson has spent billions on cases about one of its most popular products - talcum powder. As its executives try a brazen new legal...