CFTC Soybean Futures Spoof

On Jan. 31, CFTC fined trader $120k re spoofing soybeans.

  • Charged, Kevin Crepeau a trader at a proprietary trading firm trading on CME.


  • In 2013-16, Crepeau placed orders to buy/sell futures contracts on soybeans,
    soybean meal, and soybean oil, with intent to cancel orders before execution.
  • Used automated tool for small bid/offer on one side of market (genuine order).
  • Manually put large bids or offers on the opposite side of market (spoof orders).
  • Placed spoof orders with intent to induce other firms to fill genuine orders on
    opposite side of the market, and cancelled spoofs when genuine orders filled.
  • CFTC order found that Crepeau repeated the trading pattern numerous times.


  • $120k civil penalty, and 4-month suspension of trading on registered entities.