Merrill Lynch fined by DOJ, CFTC for 'spoofing' in precious metals futures

[nitpicker]

https://www.marketwatch.com/story/merrill-lynch-fined-by-doj-cftc-for-spoofing-in-precious-metals-futures-2019-06-25?mod=francine-mckenna

Merrill Lynch fined by DOJ, CFTC for 'spoofing' in precious metals futures

Published: June 25, 2019 5:10 p.m. ET

By
Francine
McKenna
Reporter

Merrill Lynch's global commodities trading business agreed to pay $25 million and enter into a non-prosecution agreement with the Department of Justice on Tuesday to settle charges regarding a multi-year scheme by its precious metals traders to mislead the market for precious metals futures contracts traded on the Commodity Exchange Inc. Merrill Lynch admitted to the allegations that beginning by at least 2008 and continuing through 2014, its precious metals traders schemed to deceive other market participants by injecting materially false and misleading information into the precious metals futures market by placing fraudulent "spoof" orders for precious metals futures contracts that, at the time the traders placed thousands of fraudulent orders, they intended to cancel before execution. The intention was to manipulate the market by creating the false impression of increased supply or demand and, in turn, to fraudulently induce other market participants to buy and to sell futures contracts at quantities, prices and times that they otherwise likely would not have done so.
(snip)

[Farmer-Rick]

1. Wow, that's a new scam I've never heard of before

You just have to love capitalism for all the cons, scams and illegal activity it encourages. And then, they get caught and only have to give up a fraction of the stolen wealth for 6 years of illegal activity.

And no one goes to jail.