Golden Clink – Spoofing doesn’t pay

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…

 

Credits

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.

References

 

DOJ Statement Golden Clink

Bloomberg article

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Written by Gontran de Quillacq

Gontran de Quillacq is an expert witness and a legal consultant. He is a recognized authority in options, trading, derivatives, structured products, portfolio management, hedge funds, mathematical finance, quantitative investment, strategy research and financial markets in general.

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