On Feb. 7, CFTC fined precious metals trader $100k for fraud.
- Andre Flotron, ex-UBS AG precious metals trader engaged in spoofing scheme.
- From 2008 through Nov. 2013, Flotron placed large orders in precious metals
futures markets with the intent to cancel the orders before they are executed.
- Flotron intended to send market participants a signal of more supply/demand
- CFTC order concludes, that Flotron’s conduct was deceptive and manipulative.
- $100k civil monetary penalty imposes a one-year trading and registration ban.