Poker Player Dan Shak Settles COMEX-Spoofing Accusation for $750K
High-stakes fire hook player Dan Shak has in agreement(p) to pay off $750K to federal regulators to locate an accusation that he spoofed the golden and Ag markets on the Commodity Exchange Inc. (COMEX).
“Spoofing” refers to the illegal use of placing bids on commodities with the intent to offset before writ of execution inward rules of order to pull strings the market.
Shak was sued past the Commodity Futures Trading Commission (CFTC) in August 2022 in a civic cause that alleged he had intermeshed inwards “manipulative or misleading acts.” From Feb 2015 through and through March 2018, he placed big orders for atomic number 79 or Ag futures that he had no more intention of closing, according to the CFTC.
At the same time, he entered true(a) orders on the opposite side of meat of these markets, the cause claimed.
Market Ban
The poker game participant “knew or was reckless to the fact that his Spoof Orders would send out sour signals of supply and demand into the market and would cozen or fast one other marketplace participants,” per the CFTC.
Under the terms of the settlement, Shak agreed not to refuse the allegations but also not to include to them. He is also prohibited from having any good interests traded on his behalf and soliciting, receiving, or accepting any finances from anyone for the aim of marketing commodities.
While i am surefooted I could get prevailed at trial, I experience concluded the right wing decision for my kinsfolk and me is to resolve this matter with no more admission of wrongdoing and without the cost, delay, and distraction of protracted litigation,” Shak said inward a financial statement issued to PokerNews via his lawyer.
“I was an active bargainer making millions of trades per year, and the CFTC’s allegations relate to a small fraction of trades that allegedly occurred from 2015 to 2018,” he added.
Previous Violations
In 2013, Shak paid a $400K amercement to the CFTC for trying to pull wires the terms of short sugariness primitive oil color futures contracts on the New House of York Mercantile Exchange (NYMEX). He was prohibited from trading outright futures contracts for deuce years. Just under 2 years later, he was fined $100,000 for violating that ban.
Shak has around $11.7 million in porcine tourney earnings, according to the Hendon Mob Database. He is the founder and former rule of hedge in fund SHK Management. He currently described himself on his LinkedIn varlet as a “self-employed commodities trader.”
Shak smasher the headlines in 2012 when he sued his ex-wife, the poker game participant Beth Shak, claiming he was incognizant of her $1 million shoe assemblage at the clip of their split up iii years prior.
Dan claimed Beth hid her collecting of 1,200 intriguer shoes from him, “possibly using a arcanum room” in their former $7.5 gazillion Manhattan apartment. Had he known most the expensive footwear, he may get had to pay come out to a lesser extent inward the divorcement settlement, he lamented.
“He is saying he didn’t live the closet in our sea captain bedchamber existed,” Beth told The New York Post.
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