Page 39 - 期货和衍生品行业监管动态（2024年4月）
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期货和衍生品行业监管动态
charges that Daniel Shak of Las Vegas, Nevada engaged in spoofing and in a
manipulative and deceptive scheme in the gold and silver futures markets in violation
of the Commodity Exchange Act (CEA) and CFTC regulations.
The order imposes a $750,000 civil monetary penalty, permanently prohibits
Shak from trading in commodity interests and registering with the CFTC in any
capacity, and a permanent injunction prohibiting Shak from further violations of the
CEA’s prohibitions on spoofing and manipulative and deceptive schemes to defraud.
The consent order resolves the CFTC’s complaint filed against Shak on August 5,
2022. [See CFTC Press Release No. 8568-22].
In 2013, the CFTC sanctioned Shak for engaging in attempted manipulation by
“banging the close” in the Light Sweet Crude Oil futures contracts on the New York
Mercantile Exchange. [See CFTC Press Release No. 6781-13]. Two years later, he
was sanctioned by the U.S. District Court for the District of Columbia for violating
the terms of the CFTC order related to the 2013 enforcement action. [See CFTC Press
Release No. 7146-15].
“Last year, the Division of Enforcement released an advisory that emphasized
the Division will ‘heavily factor recidivism’ into its determination of appropriate civil
monetary penalties,” said CFTC Director of Enforcement Ian McGinley. “The penalty
and permanent trading ban imposed here demonstrate there is no place for
recidivism in CFTC regulated markets, and the CFTC will impose substantial
penalties to achieve appropriate deterrence.” [See CFTC Press Release No. 8808-23].
Case Background
The order finds that from February 2015 through March 2018, Shak repeatedly
engaged in manipulative or deceptive acts and practices by spoofing—bidding or
offering with the intent to cancel the bid or offer before execution—while placing
orders for and trading gold and silver futures contracts on the Commodity Exchange,
Inc. On hundreds of occasions, Shak entered large orders for gold or silver futures he
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