Spoofing - Citi fined $25M

Discussion in 'Wall St. News' started by bone, Feb 3, 2018.

  1. bone

    bone ET Sponsor

    Last edited: Feb 3, 2018
    aldrums, dealmaker, KeLo and 2 others like this.
  2. Of course, the independent trades got criminal charges, Citi walks with a fine..
    Macca1 likes this.
  3. Overnight


    You can't throw a corporation in jail. You can only treat is "legally as a person". So the only thing that can happen to "the corporation" when the corporation is charged with a crime is a fine, but the employees themselves can he held liable for the criminal charges and suffer said consequences.
    bone likes this.
  4. bone

    bone ET Sponsor

    And again, there are quite a few of these cases being brought the past couple years. And they are being referred by the CME Legal Department from everything I can tell in the CFTC Complaints.
  5. Macca1


    Yeah I do think it's small potatoes for big banks, 25 million is like a slap on the wrist for Citi. It's a joke. where as someone like Nav , spoofing from his parents basement has ruined his life. If only he was working for a big bank, he probably would have been paid a nice bonus instead of a jail term.
  6. They seem to rarely charge bank employees tho with these bank settlements.
  7. tomorton


    Not sure what you're saying. What do you mean please? -
    a) they should prosecute the bank employees as well as the Hounslow trader?
    b) they shouldn't prosecute anyone because they can't prosecute everyone
    c) they shouldn't prosecute the Hounslow trader because they don't prosecute many bank employees
    d) they should prosecute the bank employees but not the Hounslow trader because he lives in a basement and the bank employees are paid for their time?
  8. If spoofing is a criminal activity they should file criminal charges in both cases.
    tomorton likes this.