High-Speed Trader's $67M Spoofing Payment Largest To Date

Law360 (November 7, 2019, 8:10 PM EST) -- Proprietary trading firm Tower Research Capital agreed to pay $67 million in civil and criminal penalties over what prosecutors say were thousands of spoofed commodities orders by former traders, in what was billed as the largest spoofing settlement to date.

The joint settlement with the Department of Justice and the U.S. Commodity Futures Trading Commission resolves the firm's liability for spoofed orders by former traders Kamaldeep Gandhi, Krishna Mohan and Yuchun "Bruce" Mao between 2012 and 2013.

Prosecutors and the CFTC say the traders placed deceptively large buy or sell orders for E-mini futures contracts on Chicago-based commodities exchanges, only to...

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