Traders Spoofed Market To 'Rip Off' Others, Ill. Jury Hears

Law360 (July 20, 2021, 8:37 PM EDT) -- Two former Merrill Lynch traders manipulated the precious metals market using a scheme to fake the impression of market supply and demand to execute genuine trades at more favorable prices and "rip off" other traders in the market, prosecutors told an Illinois federal jury as a trial opened Tuesday.

During opening trial statements before U.S. District Judge John Lee, the U.S. government told the jury that traders Edward Bases and John Pacilio took the golden rule to buy low and sell high and "turned that rule on its head" by placing fake futures orders that gave other market participants a false...

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