Two traders fined over gold spoofing
By GCRU Gold News on Wednesday, April 6 2016, 03:49 - Permalink
A US financial regulator has slapped two more traders with fines in a widening crackdown on “spoofing,” a form of market trickery.The traders, Heet Khara and Nasim Salim of the United Arab Emirates, were each ordered to pay more than $1.3m in civil penalties to settle charges that they spoofed New York gold and and silver futures markets, the Commodity Futures Trading Commission said.
The CFTC is also pursuing spoofing cases against Chicago-based 3Red Trading and its co-founder, Igor Oystacher, as well as UK-based trader Navinder Singh Sarao.
The order, signed last week, also permanently bars Mr Khara and Salim from futures markets.