CFTC Told It Can't Prove Rigging Without Artificial Prices
Law360 (December 3, 2018, 9:06 PM EST) -- In a ruling two years after the end of a bench trial over the U.S. Commodity Futures Trading Commission’s suit accusing DRW Investments of manipulating futures contracts, U.S. District Judge Richard Sullivan said the regulator had nothing to support the fraud allegations.
Judge Sullivan’s strongly worded opinion, published Friday, tore into the CFTC over what he called “several gaps — concessions, almost,” in its case against the Chicago investment firm and its founder Donald R. Wilson.
After accusing DRW of reaping approximately $20 million through a scheme involving bids designed to manipulate the market for certain interest rate swaps, the CFTC failed...
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