CFTC Charges Tennessee Trader and Two Entities with Engaging in Cross-Market and Single-Market Spoofing and Manipulative Schemes

CFTC

The Commodity Futures Trading Commission today filed a civil enforcement action in the U.S. District Court for the Northern District of Illinois against David Skudder, Global Ag LLC, and Nesvick Trading Group LLC for spoofing—bidding or offering with the intent to cancel the bid or offer before execution—and for the use of manipulative schemes. The schemes involved both soybean futures contracts and options on soybean futures contracts traded on the Chicago Board of Trade. Some of their misconduct involved cross-market spoofing—i.e., spoofing in one market to benefit a position in another market, where the price of the two markets is correlated. Skudder is a founder, principal, and registered associated person of Global, a registered commodity trading advisor. Skudder is also a registered associated person of Nesvick, a registered introducing broker. read more »   

Former Analyst Sentenced To 33 Months In Prison For Committing Insider Trading Through Front-Running

DOJ

Damian Williams, the United States Attorney for the Southern District of New York, announced today that Sergei Polevikov, a former quantitative analyst, was sentenced late yesterday to 33 months in prison by United States District Judge Lewis J. Liman.  Polevikov pled guilty on December 15, 2021 for his role in a scheme to misappropriate confidential information about pending trades by his former employer, an investment adviser, on behalf of its investment company clients. read more »