Six Traders Arrested for Manipulating Gold Futures
Placing a lot of usually large, conspicuous buy or sell orders above or below the current trading price, with the intention of canceling them before they ever get executed in an attempt to convey a false picture of supply and/or demand in an equity of commodity, is called “Spoofing.”
Spoofing is illegal. Those arrested: Krishna Mohan, Jionsheng Zhao, James Vorley, Cedric Chanu, Andre Flotron, and Jitesh Thakkar. They either are or were employed at UBS, HSBC, or Deutsche Bank...