Spoofing enforcement actions
This library records 108 enforcement actions tagged spoofing. Spoofing is placing orders a trader intends to cancel before execution, to create a false impression of supply or demand and move the price toward a smaller genuine order on the other side.
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 spoofing technique page.
- Actions
- 8
- Total penalties
- $30.6m
- Median penalty
- $1.4m
- Largest
- $25.7m
- Criminal parallel
- 13%
| Action | Agency | Filed | Penalty | Status |
|---|---|---|---|---|
| CFTC v. Heet Khara and Nasim Salim (spoofing, 2015) | CFTC | 2015-05-05 | — | judgment |
| CFTC v. U.K. Resident Navinder Singh Sarao and His Company Nav Sarao Futures Limited PLC (layering, 2015) | CFTC | 2015-04-21 | $25.7m | settled |
| CFTC v. Eric Moncada, BES Capital LLC and Serdika LLC (price manipulation, 2014) | CFTC | 2014-10-01 | $1.6m | judgment |
| FCA v. Martin Brokers (UK) Ltd (Martins) (benchmark submission rigging, 2014) | FCA | 2014-05-15 | — | settled |
| SEC v. Visionary Trading LLC, Lightspeed Trading LLC and five individuals (layering, 2014) | SEC | 2014-04-04 | $1m | settled |
| CFTC v. Panther Energy Trading LLC and Michael J. Coscia (spoofing, 2013) | CFTC | 2013-07-22 | $1.4m | judgment |
| FCA v. Michael Coscia (layering, 2013) | FCA | 2013-07-03 | $903k | settled |
| AMF France v. Kraay Trading I BV (spoofing, 2011) | AMF (France) | 2011-05-12 | — | judgment |