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ARTICLE · 17 OCTOBER 2018

Former Traders Charged In Spoofing Conspiracy

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The CFTC and DOJ entered charges against a group of former commodities traders in connection with an alleged $60 million spoofing conspiracy.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The CFTC and DOJ entered charges against a group of former commodities traders in connection with an alleged $60 million spoofing conspiracy.

The CFTC Order settling the enforcement action against Kamaldeep Gandhi alleges that the traders would place spoofing orders on one side of the market in order to induce market participants to trade against an "iceberg order" on the other side of the market. The CFTC describes an "iceberg" order as one in which only a small part of the volume of the order is shown and the larger part is concealed from other market participants. The CFTC separately filed a civil complaint against Krishna Mohan in the U.S. District Court for the Southern District of Texas.

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