Feds Say Ex-UBS Precious Metals Trader Manipulated Market
By Jon Hill (September 13, 2017, 8:46 PM EDT) -- Federal prosecutors have accused a former UBS trader of engaging in a scheme to manipulate the precious metals futures market through the use of a trading tactic known as "spoofing," according to a complaint dated Tuesday in Connecticut federal court.
The complaint charges Andre Flotron with conspiracy, wire fraud, commodities fraud and spoofing, a technique banned under the Commodity Exchange Act that involves the use of deceptive bids or offers to move markets.
"By placing a large-volume order for precious metals futures contracts at certain price levels with the intent, at the time the order was placed, to cancel the order...
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