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From: Snowshoe	9/23/2020 5:11:21 PM
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JPMorgan Is Set to Pay $1 Billion in Record Spoofing Penalty bloomberg.com September 23, 2020, 9:14 AM AKDT Spoofing typically involves flooding derivatives markets with orders that traders don’t intend to execute to trick others into moving prices in a desired direction. The practice has become a focus for prosecutors and regulators in recent years after lawmakers specifically prohibited it in 2010. While submitting and then canceling orders isn’t illegal, it is unlawful as part of a strategy intended to dupe other traders. It couldn’t be determined whether New York-based JPMorgan will face additional Justice Department penalties in court. Previous spoofing cases have been resolved without banks or trading firms pleading guilty to criminal charges. However, when prosecutors filed cases last year against individual JPMorgan traders they painted a grave picture of its precious metals desk, saying it operated as an illicit enterprise* within the bank for almost a decade. *JPMorgan’s Metals Desk Was a Criminal Enterprise, U.S. Says bloomberg.com

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