{"id":388,"date":"2018-01-31T19:58:01","date_gmt":"2018-01-31T19:58:01","guid":{"rendered":"http:\/\/ielrblog.com\/?p=388"},"modified":"2018-01-31T19:58:01","modified_gmt":"2018-01-31T19:58:01","slug":"justice-department-charges-eight-individuals-deceptive-trading-practices-commodities-markets","status":"publish","type":"post","link":"https:\/\/ielrblog.com\/index.php\/2018\/01\/31\/justice-department-charges-eight-individuals-deceptive-trading-practices-commodities-markets\/","title":{"rendered":"Justice Department Charges Eight Individuals with \u201cDeceptive Trading Practices\u201d on Commodities Markets"},"content":{"rendered":"

On Monday, January 29, 2018, the Justice Department announced<\/a> charges against eight individuals accused of manipulating U.S. commodities markets for financial gain. Seven of the eight individuals were charged with spoofing. Spoofing refers to a fraud tactic that involves the placing of hundreds to thousands of \u201cspoof orders\u201d \u2013 orders that the spoofer does not intend to trade \u2013 in order to incentive market participants to buy, sell, or trade at manipulated prices. In doing so, spoofing fools market participants to make their investment decisions based on a false perception of supply and demand.<\/p>\n

The individuals charged are James Vorley, 37, of the United Kingdom; Cedric Chanu, 39, a French citizen; Edward Bases, 55, of New Canaan, Connecticut; John Pacilio, 53, of Southport, Connecticut; Jitesh Thakkar, 41, of Naperville, Illinois; Jiongsheng (\u201cJim\u201d) Zhao, 30, of Australia; Andre Flotron, 53, a Swiss national residing in Wayne, New Jersey; and Krishna Mohan, 33, of New York, New York. Vorley, Chanu, Bases, Pacilio, Thakkar, and Jiongsheng were charged in the Northern District of Illinois, Flotron was charged in the District of Connecticut, and Mohan was charged in the Southern District of Texas. The spoofers primarily targeted the precious metals and E-mini futures contracts markets.<\/p>\n

The charges constitute the largest futures market criminal enforcement action in the Justice Department\u2019s history.<\/p>\n

In prepared remarks delivered<\/a> on Monday, Acting Assistant Attorney General John P. Cronan highlighted the assortment of methods used to identify market manipulation and gather evidence in the cases. In addition \u201ctraditional law enforcement techniques\u201d and cooperation with the private sector, authorities used data analysis methods to \u201cidentify spoofing patterns through sophisticated analysis of market-level data.\u201d Cronan noted that, in the future, the Department expects to make even greater use of data analysis to identify and counter spoofing.<\/p>\n

For more coverage and analysis of this enforcement action, see the February 2018 issue of the International Enforcement Law Reporter. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

On Monday, January 29, 2018, the Justice Department announced charges against eight individuals accused of manipulating U.S. commodities markets for financial gain. Seven of the eight individuals were charged with spoofing. Spoofing refers to a fraud tactic that involves the placing of hundreds to thousands of \u201cspoof orders\u201d \u2013 orders that the spoofer does not […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":{"0":"post-388","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized","7":"entry"},"yoast_head":"\nJustice Department Charges Eight Individuals with \u201cDeceptive Trading Practices\u201d on Commodities Markets | IELR Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ielrblog.com\/index.php\/2018\/01\/31\/justice-department-charges-eight-individuals-deceptive-trading-practices-commodities-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Justice Department Charges Eight Individuals with \u201cDeceptive Trading Practices\u201d on Commodities Markets | IELR Blog\" \/>\n<meta property=\"og:description\" content=\"On Monday, January 29, 2018, the Justice Department announced charges against eight individuals accused of manipulating U.S. commodities markets for financial gain. 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