Software Firm Will Pay $72.6K To End CFTC Spoofing Claims

Law360 (September 15, 2020, 7:47 PM EDT) -- The U.S. Commodity Futures Trading Commission announced Tuesday that it reached a $72,600 settlement agreement with a software company accused of enabling a spoofing scheme.

According to the terms of a consent order filed Monday in an Illinois federal court, the company, Edge Financial Technologies Inc., agreed to disgorge $24,200 and pay a $48,400 fine to end the regulator's claims it provided software that an unnamed trader used to manipulate markets in a so-called spoofing scheme — that is, placing a trading order intended to drive up trading prices, then canceling it before it could be fulfilled.

According to the CFTC,...

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