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MVA White Collar Defense, Investigations, and Regulatory Advice Blog: Latest DOJ Spoofing Settlement

December 23, 2019

Charlotte Litigation Member Jim McLoughlin‘s MVA White Collar Defense, Investigations, and Regulatory Advice Blog article titled, “Latest DOJ Spoofing Settlement” was published on December 23.

The article

On November 6, 2019, the Fraud Section of the Department of Justice with the Office of the U.S. Attorney for the Southern District of Texas, and the CFTC, announced settlements of their spoofing and market manipulation investigations of Tower Research Capital LLC (Tower Research).  The penalties are the highest in a spoofing case to date. The Department’s settlement again indicates that the Fraud Section has concluded spoofing and market manipulation are widespread, so general deterrence requires harsher sanction. However, there is also important history.  The predicted expansion of spoofing and manipulation investigations into additional markets continues and is likely to continue for some time.

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