Home / Cases / Price manipulation Price manipulation enforcement actions This library records 72 enforcement actions tagged price manipulation. Price manipulation is trading intended to create an artificial price — one that does not reflect genuine supply and demand — and it is the general charge a regulator brings when the conduct does not fit a more specific named technique.
Actions are listed newest first. Each row links to a case page carrying the regulator's own release and, where one was published, the complaint. For how this technique works and what statute it engages, read the price manipulation technique page.
Actions 72
Total penalties $8.2bn
Median penalty $30m
Largest $1.7bn
Criminal parallel 46% Action Agency Filed Penalty Status CFTC v. George Santos (price manipulation, 2026) CFTC 2026-07-31 $35k judgment CFTC v. Swiss Energy Trader (price manipulation, 2024) CFTC 2024-08-27 $48m judgment CFTC v. Trafigura (insider trading, 2024) CFTC 2024-06-17 $55m judgment SEC v. Ronald Heineman (price manipulation, 2024) SEC 2024-04-03 — judgment SEC v. Marc E. Wexler (price manipulation, 2023) SEC 2023-12-05 — judgment CFTC v. HSBC Bank USA (cash vs derivatives schemes, 2023) CFTC 2023-11-07 $1.7bn filed CFTC v. Minnesota Grain Merchandiser (price manipulation, 2023) CFTC 2023-10-23 $3m judgment CFTC v. Florida (price manipulation, 2023) CFTC 2023-07-12 $11.7m judgment SEC v. Discala et al. (price manipulation, 2023) SEC 2023-05-12 — judgment SEC v. Michael T. Morris (price manipulation, 2023) SEC 2023-04-04 — judgment CFTC v. Commodity Pool Operators and Their Co-Chief Investment Officer (price manipulation, 2022) CFTC 2022-12-15 — filed CFTC v. unnamed respondents (cash vs derivatives schemes, 2022) CFTC 2022-10-20 $41m judgment CFTC v. Digital Asset Derivatives Platform and Miami Resident (price manipulation, 2022) CFTC 2022-10-03 — filed SEC v. Lee Simmons (price manipulation, 2022) SEC 2022-08-19 — filed CFTC v. Glencore (price manipulation, 2022) CFTC 2022-05-24 $1.2bn judgment CFTC v. Former Fuel Oil Trader (price manipulation, 2021) CFTC 2021-03-25 $100k judgment CFTC v. Vitol Inc. (price manipulation, 2020) CFTC 2020-12-03 $95.7m judgment CFTC v. JPMorgan (price manipulation, 2020) CFTC 2020-09-29 — judgment CFTC v. Executive at Global Investment Bank (price manipulation, 2019) CFTC 2019-12-20 — filed CFTC v. Chicago Trading Firm and Its Co-Founder (price manipulation, 2019) CFTC 2019-09-30 $1.8m judgment SEC v. George Matin (matched orders, 2019) SEC 2019-09-25 — settled SEC v. Harold Minsky (matched orders, 2019) SEC 2019-09-25 — settled CFTC v. Traders at Major U.S. Bank (price manipulation, 2019) CFTC 2019-09-16 — filed SEC v. Mark E. Burns (price manipulation, 2019) SEC 2019-08-12 — judgment CFTC v. Corey D. Flaum (price manipulation, 2019) CFTC 2019-07-25 — unknown CFTC v. Merrill Lynch Commodities (price manipulation, 2019) CFTC 2019-06-25 $11.5m judgment SEC v. Lai Guanglin (Alan) (marking the close, 2018) SEC 2018-12-10 — settled CFTC v. Davis Ramsey (price manipulation, 2018) CFTC 2018-09-27 $325k judgment CFTC v. Futures Trader (price manipulation, 2018) CFTC 2018-09-27 $325k judgment CFTC v. Adam Flavin (price manipulation, 2018) CFTC 2018-09-26 $1.3m judgment CFTC v. Two Commodity Traders (price manipulation, 2018) CFTC 2018-09-26 $125k judgment CFTC v. Bank of America (benchmark submission rigging, 2018) CFTC 2018-09-19 $30m judgment CFTC v. ICAP Capital Markets LLC (benchmark submission rigging, 2018) CFTC 2018-09-18 $50m judgment CFTC v. BNP Paribas (benchmark submission rigging, 2018) CFTC 2018-08-29 $90m judgment SEC v. Mark E. Burns, Robert W. Murray (price manipulation, 2018) SEC 2018-07-17 — settled CFTC v. Commodity Trading Firm (price manipulation, 2018) CFTC 2018-07-12 $3.4m judgment CFTC v. JPMorgan Chase Bank (benchmark submission rigging, 2018) CFTC 2018-06-18 $65m judgment CFTC v. Société Générale S.A. (benchmark submission rigging, 2018) CFTC 2018-06-04 $475m judgment CFTC v. Deutsche Bank Securities Inc. (benchmark submission rigging, 2018) CFTC 2018-02-01 $70m judgment CFTC v. Deutsche Bank (price manipulation, 2018) CFTC 2018-01-29 $30m judgment CFTC v. Three Banks (price manipulation, 2018) CFTC 2018-01-29 $1.6m judgment CFTC v. UBS (price manipulation, 2018) CFTC 2018-01-29 $15m judgment CFTC v. Statoil ASA (price manipulation, 2017) CFTC 2017-11-14 $4m judgment CFTC v. David Liew (price manipulation, 2017) CFTC 2017-06-03 — judgment SEC v. Robert W. Murray (price manipulation, 2017) SEC 2017-05-19 — unknown CFTC v. The Royal Bank of Scotland (benchmark submission rigging, 2017) CFTC 2017-02-04 $85m judgment CFTC v. Goldman Sachs (benchmark submission rigging, 2016) CFTC 2016-12-22 $120m judgment CFTC v. Navinder Singh Sarao (layering, 2016) CFTC 2016-11-18 $38m judgment CFTC v. U.K. Resident Navinder Singh (price manipulation, 2016) CFTC 2016-11-10 — settled SEC v. Chris Faulkner, et. al (price manipulation, 2016) SEC 2016-06-24 — filed CFTC v. Citibank (benchmark submission rigging, 2016) CFTC 2016-05-26 $175m judgment CFTC v. Total Gas (price manipulation, 2015) CFTC 2015-12-08 $3.6m judgment CFTC v. Navinder Sarao (benchmark submission rigging, 2015) CFTC 2015-11-07 $1.6m judgment CFTC v. Joseph F. Welsh III (price manipulation, 2015) CFTC 2015-06-20 $500k judgment CFTC v. Barclays (benchmark submission rigging, 2015) CFTC 2015-05-21 $115m judgment CFTC v. of Attempted Manipulation and False Reporting of Foreign Exchange Benchmark Rates (benchmark submission rigging, 2015) CFTC 2015-05-21 $400m judgment CFTC v. of Manipulation (benchmark submission rigging, 2015) CFTC 2015-04-24 $800m judgment CFTC v. U.K. Resident Navinder Singh Sarao and His Company Nav Sarao Futures Limited PLC (layering, 2015) CFTC 2015-04-22 — judgment CFTC v. Kraft Foods Group (price manipulation, 2015) CFTC 2015-04-02 — unknown CFTC v. Daniel Shak (price manipulation, 2015) CFTC 2015-03-31 $100k judgment CFTC v. Five Banks (benchmark submission rigging, 2014) CFTC 2014-11-13 $1.4bn judgment CFTC v. Defendant Eric Moncada (price manipulation, 2014) CFTC 2014-10-02 $1.6m judgment CFTC v. Defendant Daniel Shak (price manipulation, 2014) CFTC 2014-10-01 $400k filed CFTC v. Brian Hunter (price manipulation, 2014) CFTC 2014-09-16 $7.5m judgment CFTC v. Parnon Energy Inc. (price manipulation, 2014) CFTC 2014-08-05 $13m settled CFTC v. Lloyds Banking Group and Lloyds Bank (benchmark submission rigging, 2014) CFTC 2014-07-29 $105m judgment CFTC v. RP Martin Holdings Limited and Its Subsidiary (benchmark submission rigging, 2014) CFTC 2014-05-16 $1.2m judgment CFTC v. of Attempted Manipulation of NYMEX Crude Oil Futures Contracts (banging the close, 2013) CFTC 2013-11-26 $400k judgment CFTC v. Donald R. Wilson and his Company (banging the close, 2013) CFTC 2013-11-07 — unknown CFTC v. Co (benchmark submission rigging, 2013) CFTC 2013-10-30 $475m judgment CFTC v. ICAP Europe Limited (benchmark submission rigging, 2013) CFTC 2013-09-26 $65m judgment CFTC v. The Royal Bank of Scotland plc and RBS Securities Japan Limited (benchmark submission rigging, 2013) CFTC 2013-02-07 $325m judgment