Former Deutsche Bank trader banned for ‘spoofing’
Dave Michaels
MarketWatch, 2 June 2017
A former futures trader at Deutsche Bank AG was permanently barred from the industry after admitting he conspired to manipulate the price of gold and silver futures contracts.
David Liew, a trader who was based in Singapore, also pleaded guilty in federal criminal court in Illinois on Thursday to using illegal spoofing techniques from 2009 to 2012. Regulators and prosecutors have cracked down on spoofing, which involves sending fake offers intended to push prices in a direction that benefits the trader’s other orders. Congress made it illegal through the 2010 Dodd Frank financial overhaul law.
