Ill. No Good For CFTC Oil Futures Spoofing Suit, Traders Say

By Lauraann Wood (March 2, 2021, 3:52 PM EST) -- A Slovakian father-and-son duo accused of spoofing the crude oil futures market urged an Illinois federal judge Monday to toss the U.S. Commodity Futures Trading Commission's suit against them, arguing the court has no jurisdiction over the agency's claims.

Slovakian trader Roman Banoczay Jr. and his father told U.S. District Judge Gary Feinerman that he should dismiss the CFTC's suit against them because the agency lobbed "plainly inaccurate and barebones assertions" to try to establish personal jurisdiction in the U.S. The regulator's claims also fail because they're "based entirely on conclusory allegations, a muddled recitation of cherrypicked snippets of trade data,...

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