Analysis

Scotiabank Feels The Wrath Of A Regulator Scorned

Law360 (August 28, 2020, 7:36 PM EDT) -- The recent $127 million settlement between Canada's Bank of Nova Scotia, the U.S. Commodity Futures Trading Commission and federal prosecutors over an alleged eight-year precious metals spoofing scheme demonstrates the importance of cooperating fully with regulators — the first time around.

The bank, which operates as Scotiabank, had been lauded by the CFTC in October 2018 for what the regulator had deemed exemplary handling of the first investigation related to the purported scheme.

"This case is another great example of the significant benefits of self-reporting and cooperation," the CFTC's Director of Enforcement James McDonald said at the time while announcing the...

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