$2.5M CFTC Spoofing Settlement Gets Green Light

Law360, Chicago (December 20, 2016, 3:42 PM EST) -- An Illinois federal judge on Tuesday signed off on a deal that settles a yearlong legal dispute between the U.S. Commodity Futures Trading Commission and a Chicago-based trader accused of placing spoof bids on futures markets and who has now agreed to pay $2.5 million to resolve the suit before a trial.

In a brief appearance in U.S. District Judge Amy St. Eve’s Chicago courtroom, the CFTC and trader Igor Oystacher were informed that a settlement announced last week would get the official stamp of approval.

“I have reviewed everything,” the judge told the parties. “The consent order is fair and...

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