European banks pay $46.6m to settle U.S. 'spoofing' charges

European banks pay $46.6m to settle U.S. 'spoofing' charges

European banks pay $46.6m to settle U.S. 'spoofing' charges

Separately UBS, HSBC and Deutsche Bank will pay a total of $46.6m (£33m) to settle spoofing charges against them.

In connection with this investigation, UBS was penalized $15 million by the U.S. Commodities Futures Trading Commission.

Andre Flotron, 53, a Swiss national living in New Jersey, has been charged with conspiracy to commit spoofing and fraud when he was a UBS AG precious metals trader in Switzerland.

The case centres on allegations that defendants and co-conspirators placed hundreds, or thousands of orders that they did not intend to trade.

Spoofing, which is a criminal offence under the 2010 Dodd- Frank financial reform law, is said to have had the effect of artificially inflating or deflating prices of futures contracts traded on exchanges in Chicago.

UBS did not immediately provide comment. A spokesman for the Asia-focused bank told the newswire that the group was pleased to have resolved the matter.

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A rare charge: Only three people had previously ever been charged with spoofing.

"We are equally committed to identifying and punishing these bad actors", he said in a statement. Federal officials said Thakkar, 41, of Naperville, was arrested Monday in IL.

"The conduct at issue here started in 2008", said Michael Friedman, general counsel of Trillium Management LLC, a New York-based electronic-trading firm, which isn't involved in the cases announced Monday.

Bases, Pacilio, Mohan and Thakkar were arrested by USA law enforcement on Monday, while Zhao was arrested by Australian authorities.

Mr. Flotron's lawyer, Marc Mukasey, said the new case "is an especially enormous waste of taxpayers' money because the CFTC knows darn well that there is a pending criminal matter, that Mr. Flotron has always been retired from the business, and that he lives in Switzerland". It is a growing problem as traders rely more and more on algorithms to execute trades.

McDonald, a former prosecutor in the Southern District of NY who was appointed to the CFTC role in March, has said he aims to achieve that by encouraging companies and staff to report their own wrongdoing and cooperate with investigators, in return for more lenient penalties.

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