Justice Department Charges Eight Individuals with “Deceptive Trading Practices” on Commodities Markets

On Monday, January 29, 2018, the Justice Department announced charges against eight individuals accused of manipulating U.S. commodities markets for financial gain. Seven of the eight individuals were charged with spoofing. Spoofing refers to a fraud tactic that involves the placing of hundreds to thousands of “spoof orders” – orders that the spoofer does not intend to trade – in order to incentive market participants to buy, sell, or trade at manipulated prices. In doing so, spoofing fools market participants to make their investment decisions based on a false perception of supply and demand. The individuals charged are James Vorley, 37, of the United Kingdom; Cedric Chanu, 39, a French citizen; Edward Bases, 55, of New Canaan, Connecticut; John Pacilio, 53, of Southport, Connecticut; Jitesh Thakkar, 41, of Naperville, Illinois; Jiongsheng (“Jim”) Zhao, 30, of Australia; Andre Flotron, 53, a Swiss national residing in Wayne, New Jersey; and…

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