Largest spoofing penalties
The largest civil penalties in enforcement actions this library tags as spoofing or layering. Spoofing penalties cluster higher than most order-book techniques because the conduct is typically sustained over years and involves institutional defendants.
Includes actions tagged spoofing or layering, the two closely related order-book techniques that regulators frequently charge together. Ranked by civil penalty.
Amounts are as stated in the regulator's release, in nominal US dollars, and are not adjusted for inflation. Amounts ordered are not amounts collected. Actions denominated in other currencies are excluded rather than converted.