Spoofing Archives - Corruption, Crime & Compliance

2 Jun, 2022

Glencore’s Commodity Trading Fraud Scheme (Part IV of V)

Glencore’s settlement with DOJ and the CFTC revealed a plethora of manipulative, deceptive and corrupt conduct, which spanned from at least 2007 to 2018 and occurred in the United States and global oil markets, including manipulation of four U.S. based S&P Global Platts physical oil benchmarks and related futures and swaps. From 2007 to 2018, Glencore sought to increase profits from physical and derivative oil...

General

16 Sep, 2020

DOJ and CFTC Settle Spoofing Case with Scotiabank for $127.4 Million

In the last five years, the Justice Department and the Commodities Futures Trading Commission have aggressively prosecuted “spoofing” cases. While the government’s record in these cases has been mixed, the government has been successful in securing guilty pleas and winning high-profile trials against traders. Prosecutors have continued to push spoofing prosecutions to root out the conduct. “Spoofing” refers to traders who engage in bogus conduct...