Scotiabank to pay US$127.5M fine for metals market manipulation
By GCRU Gold News on Thursday, August 20 2020, 00:54 - Permalink
Bank of Nova Scotia has reached settlement agreements with the U.S. Department of Justice and the Commodity Futures Trading Commission over charges of metals market manipulation.
The fines and enforcement actions stem from an investigation into Scotia’s metals trading division. American authorities said that on thousands of occasions between January 2008 and July 2016, four Scotiabank traders placed orders to buy and sell precious metals contracts with the intent to cancel those orders in an attempt to manipulate prices. The traders were based in New York, London and Hong Kong, according to the U.S. Department of Justice.