U.S. authorities charge three banks and eight individuals in futures “spoofing” probe


The U.S. Justice Department and the country’s derivatives regulator said on Monday they had filed civil and criminal charges against three European banks, which paid $46.6 million to settle the cases, and eight individuals for alleged manipulation in U.S. futures and commodities market.

UBS, Deutsche Bank and HSBC and former traders at the banks, as well as individuals at other firms, were charged following a large-scale multi-agency probe including the Commodity Futures Trading Commission (CFTC) into “spoofing” in metals and equities futures.

The case marks the first time the Justice Department and the CFTC had worked together, along with the Federal Bureau of Investigation, to bring both criminal and civil charges against multiple companies and individuals, and underlined the authorities’ increasing focus on holding individuals accountable for corporate wrongdoing.

Spoofing, which is a criminal offense under the 2010 Dodd- Frank financial reform law, involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution. By creating an illusion of demand, spoofers can influence prices to benefit their market positions.

Deutsche Bank and UBS have agreed to pay $30 million and $15 million respectively to settle the civil charges in the case, while HSBC will pay $1.6 million, the CFTC said.

All three banks received reduced penalties from the CFTC for providing significant assistance in the investigations, which relate to activity that dates back as far as 2008. UBS self-reported the alleged misconduct by its traders to the regulator, the CFTC said.

The imminent arrests and charges were reported earlier by Reuters.

A spokesman for UBS did not immediately provide comment.

A spokesman for HSBC said the bank was pleased to have resolved the matter.

A Deutsche Bank spokesman said the bank “has provided substantial and proactive cooperation with the government’s investigation and has enhanced controls and surveillance to help ensure that the underlying conduct does not occur in the future.”


“Spoofing, which is a criminal offense under the 2010 Dodd- Frank financial reform law, involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution. By creating an illusion of demand, spoofers can influence prices to benefit their market positions.”

spoofing eh?

thats a nice way to describe enterprise corruption and fraud..who is going to jail..anyone?


~ by seeker401 on February 2, 2018.

11 Responses to “U.S. authorities charge three banks and eight individuals in futures “spoofing” probe”

  1. Reblogged this on World4Justice : NOW! Lobby Forum..

  2. The worst part is that even the fine issued merely creates more debt currency out of thin air which then gets loaded onto the national debt with compound interest; the banks and courts win either way; its diabolical;

  3. Reblogged this on UZA – a people's court of conscience.

  4. The following has been an interesting read, I thought, at least so far. I am not all the way through it. I quoted it here due to the close tie between business and secrets, “The increasing profitability of commercial secrets as well as of their disclosure.” The disclosure of “spoofing”, which was a commercial secret, but now is not. Two fuller quotes from within the text:

    “Attempts to circumscribe our topic are naturally hampered by the fact that secrecy is a many-sided thing. The expression “secret societies” evokes a Wittgensteinian family resemblance of a great variety of organisations with all sorts of similarities, yet not a single feature common to all. As a result, most existing definitions are accompanied by abundant provisos, qualifications, and exceptions. For a historical survey, the easiest way to get a grasp of the subject is first to trace the history of the term. Then we shall look in turn at the two sides of the secret society: Its bringing together of men who are hiding something.

    “All in all, secrecy would seem to be the only common denominator discernible among secret societies, yet even this is not a simple matter. Organisations may hide their aims, their rules, their rites, their members, a combination of this, or their very existence. They can do so under external pressure or following their own free will. And this can change over time, or at any rate be perceived in a different light by changing observers, for the definition of secrecy itself was in constant flux in much of Europe since the waning of the Middle Ages. The increasing profitability of commercial secrets as well as of their disclosure, the secularization of political thought, the religious struggles with consequences as diverse as Nicodemism (i. e., pretending to have another religion in order to avoid prosecution) and the Baroque, the meandering rise of modern science , the birth of public opinion – all of these developments were incessantly tugging at the borders of public and private secrecy and openness.”


    • I disagree with the writers conclusions. He states secret societies disappeared by the end of the 19th century, because of voting, etc. There are statistics that show freemasonry was on the decline, but in the 20th century its’ numbers grew a lot. Also, the idea of secrecy and conspiracy in the German model, which is secrecy from within and philosophical, as opposed to the French model, which is clandestine and exerts power on others. Both models exist. The CIA is clandestine. The German model is in the education system. The use of conspiracy I think galvanizes people, maybe each generation at least since the 17th century, to lay blame at the feet of an entity or individual. Political and social movements to change societies, and they do so at the expense of groups of people by acts of violence and acculturation, such movements are bringing change but there are inherent evils in the change. The conspiracy is evil exists and it is deceptive. Evil itself and lived out in the lives of people is a conspiracy because, as said, evil and thus a fallen wicked world is by definition deceiving.

      LORD bless

  5. https://en.wikipedia.org/wiki/Philippe_Buonarroti
    On Philippe Buonarroti:
    “Mikhail Bakunin praised Buonarroti as “the greatest conspirator of his age”, and was heavily influenced by the revolutionary practice of Buonarroti. The Bakunin scholar Arthur Lehning has written of Buonarroti: “He too built up on an international scale, though over a much longer period, an elaborate underground network, on a freemason pattern, sometimes using Masonic institutions, to work for his egalitarian creed of 1796, for a social revolution and for the republicanisation of Europe. For forty years the principles remained the same: the leadership was secret; the existence of the higher grades was unknown to the lower; protean in character, this network took advantage of and used other societies.””

    I read the above quote from wikipedia, as a dangerous example of following a conspiracy while being led by a conspirator for further demonic ends that further subjugate people into more darkness. Buonarroti used the “principles” of “the leadership was secret, etc.” in order to push his revolutionary practices. Interesting food for thought and a cautionary note.

  6. spoofing eh?….lol
    happens every morning/evening open/close on the ASX
    welcome to the asx

  7. meanwhile Dow drops 666 points


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