Merrill Lynch fined by DOJ, CFTC for ‘spoofing’ in precious metals futures

Published: June 25, 2019 5:10 p.m. ET

Merrill Lynch’s global commodities trading business agreed to pay $25 million and enter into a non-prosecution agreement with the Department of Justice on Tuesday to settle charges regarding a multi-year scheme by its precious metals traders to mislead the market for precious metals futures contracts traded on the Commodity Exchange Inc. Merrill Lynch admitted to the allegations that beginning by at least 2008 and continuing through 2014, its precious metals traders schemed to deceive other market participants by injecting materially false and misleading information into the precious metals futures market by placing fraudulent “spoof” orders for precious metals futures contracts that, at the time the traders placed thousands of fraudulent orders, they intended to cancel before execution.

For the rest of the story: https://www.marketwatch.com/story/merrill-lynch-fined-by-doj-cftc-for-spoofing-in-precious-metals-futures-2019-06-25

See also:

http://silverseek.com/commentary/stranger-fiction-17678

https://www.justice.gov/opa/pr/merrill-lynch-commodities-inc-enters-corporate-resolution-and-agrees-pay-25-million

https://www.cftc.gov/PressRoom/PressReleases/7946-19

7 replies on “Merrill Lynch fined by DOJ, CFTC for ‘spoofing’ in precious metals futures”

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