Three Chicago-based traders were named by the Securities and Exchange Commission in a first of its kind civil enforcement action for allegedly mismarking option orders and engaging in a $225,000 spoofing scheme that defrauded market participants (In re Afshar, SEC, Admin. Proc. File No. 3-16978, complaint filed 12/3/15).
The alleged option scheme marks the agency’s “first enforcement proceeding focusing on customer versus professional option order types,” SEC Enforcement Director Andrew Ceresney said Dec. 3 in a media conference. With respect to the spoofing allegations, the suit is the commission’s first regarding a scheme that took advantage of .
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