https://marketmanipulation.org/cases/technique/spoofing/ The 30 most recent enforcement records tagged spoofing in the Market Manipulation library, each linked to its primary source. Tags are our classification, not the charges. en-us Mon, 10 Aug 2026 00:00:00 GMT https://marketmanipulation.org/cases/sec-frank-m-cerisano-jr-spoofing-2026/ https://marketmanipulation.org/cases/sec-frank-m-cerisano-jr-spoofing-2026/ In 2026, the Securities and Exchange Commission settled an action with Frank M. Cerisano Jr.. Cerisano consented, subject to court approval, to a judgment over a four-year spoofing scheme that earned about $1.1 million: $1,115,672 disgorgement, $26,472.82 interest, a $334,701.60 penalty and a five-year account restriction. The release records a civil penalty of $334,701.6, disgorgement of $1,115,672, prejudgment interest of $26,472.82. Mon, 10 Aug 2026 00:00:00 GMT SEC spoofing https://marketmanipulation.org/cases/sec-mingran-wang-spoofing-2026/ https://marketmanipulation.org/cases/sec-mingran-wang-spoofing-2026/ In 2026, the Securities and Exchange Commission settled an action with Mingran Wang. Wang consented, subject to court approval, to an injunction over a spoofing scheme in more than 150 thinly traded ADRs that earned over $1.3 million, with disgorgement and penalties to be set by the court later. The Justice Department filed parallel criminal charges. Thu, 25 Jun 2026 00:00:00 GMT SEC spoofing https://marketmanipulation.org/cases/cftc-new-york-trader-spoofing-2026/ https://marketmanipulation.org/cases/cftc-new-york-trader-spoofing-2026/ In 2026, the Commodity Futures Trading Commission issued an order settling charges against Sidney Lebental. The order finds Lebental spoofed CBOT Treasury futures on about 50 occasions in 2019 to help genuine cash Treasury orders execute, with a $200,000 penalty and one-month trading ban. The release records a civil penalty of $200,000. Wed, 06 May 2026 00:00:00 GMT CFTC spoofing https://marketmanipulation.org/cases/cftc-gregg-smith-spoofing-2026/ https://marketmanipulation.org/cases/cftc-gregg-smith-spoofing-2026/ In January 2026, the CFTC announced consent orders from an Illinois federal court against Gregg Smith, ordering a US$200,000 penalty and a three-year trading ban for precious metals spoofing, and against Michael Nowak, with a US$150,000 penalty and six-month ban. Fri, 16 Jan 2026 00:00:00 GMT CFTC spoofing https://marketmanipulation.org/cases/sebi-98502-social-media-ramps-2025/ https://marketmanipulation.org/cases/sebi-98502-social-media-ramps-2025/ In December 2025 a SEBI adjudicating officer found that the operator of two YouTube channels posted false claims of a Rs 600 crore government order for GG Engineering while connected traders gave liquidity so earlier shareholders could sell. Four of 43 noticees were penalised Rs 50 lakh jointly and severally. Fri, 19 Dec 2025 00:00:00 GMT SEBI social-media-ramps spoofing https://marketmanipulation.org/cases/sec-artur-khachatryan-spoofing-2025/ https://marketmanipulation.org/cases/sec-artur-khachatryan-spoofing-2025/ In 2025, the Securities and Exchange Commission settled an action with Artur Khachatryan. Khachatryan consented, subject to court approval, to a judgment over a two-year spoofing scheme in thinly traded after-hours stocks that earned about $373,885: that sum in disgorgement, $22,629 interest and a $112,165 penalty. The release records a civil penalty of $112,165, disgorgement of $373,885, prejudgment interest of $22,629. Tue, 16 Dec 2025 00:00:00 GMT SEC spoofing https://marketmanipulation.org/cases/cftc-brett-falloon-spoofing-2025/ https://marketmanipulation.org/cases/cftc-brett-falloon-spoofing-2025/ In 2025, the Commodity Futures Trading Commission issued an order settling charges against Brett Falloon and Flatiron Futures Traders LLC. The order finds Falloon spoofed E-mini S&P 500 and Nasdaq 100 futures from May to December 2022 while trading for Flatiron; the two are jointly and severally liable for the penalty, and Falloon is banned from trading for 12 months. The release records a civil penalty of $200,000. Tue, 09 Sep 2025 00:00:00 GMT CFTC spoofing https://marketmanipulation.org/cases/sec-ryan-n-cole-spoofing-2025/ https://marketmanipulation.org/cases/sec-ryan-n-cole-spoofing-2025/ In 2025, the Securities and Exchange Commission settled an action with Ryan N. Cole. Cole consented, subject to court approval, to a judgment over an options spoofing scheme worth about $234,000: $234,803 disgorgement, $52,656 interest and a $70,441 penalty. The release records a civil penalty of $70,441, disgorgement of $234,803, prejudgment interest of $52,656. Mon, 11 Aug 2025 00:00:00 GMT SEC spoofing https://marketmanipulation.org/cases/amf-fr-san-2025-02-spoofing-2025/ https://marketmanipulation.org/cases/amf-fr-san-2025-02-spoofing-2025/ In February 2025 the Commission des sanctions fined an individual trader EUR 500,000 and two collaborators EUR 60,000 and EUR 30,000 for a scheme using orders in shares, cancelled before execution, to move the quotes of related warrants traded on German platforms. Mon, 03 Feb 2025 00:00:00 GMT AMF-FR spoofing https://marketmanipulation.org/cases/sec-zachary-stevenson-spoofing-2024/ https://marketmanipulation.org/cases/sec-zachary-stevenson-spoofing-2024/ In 2024, the Securities and Exchange Commission settled an action with Zachary Stevenson. The order finds Stevenson ran a spoofing scheme using non-bona fide orders that he cancelled, imposing $381,718 disgorgement, $57,570 interest and a $150,000 penalty. The release records a civil penalty of $150,000, disgorgement of $381,718, prejudgment interest of $57,570. Fri, 13 Dec 2024 00:00:00 GMT SEC spoofing https://marketmanipulation.org/cases/sec-td-securities-usa-llc-spoofing-2024/ https://marketmanipulation.org/cases/sec-td-securities-usa-llc-spoofing-2024/ In 2024, the Securities and Exchange Commission settled an action with TD Securities (USA) LLC. The order finds a trader on TD Securities' Treasury desk spoofed the U.S. Treasury cash market in hundreds of instances, imposing $400,000 disgorgement, $135,700 interest and a $6.5 million penalty. The release records a civil penalty of $6.5 million, disgorgement of $400,000, prejudgment interest of $135,700. Mon, 30 Sep 2024 00:00:00 GMT SEC spoofing https://marketmanipulation.org/cases/sec-joel-david-castro-leon-spoofing-2024/ https://marketmanipulation.org/cases/sec-joel-david-castro-leon-spoofing-2024/ In 2024, the Securities and Exchange Commission settled an action with Joel David Castro Leon and Shmuel A. Sherr. Consent judgments, subject to court approval, would find Castro Leon spoofed to buy low and sell high with Sherr's help, netting over $415,000. Castro Leon would pay $373,581 disgorgement and a $125,000 penalty; Sherr $41,509 and $14,000. The release records a civil penalty of $139,000, disgorgement of $415,090. Tue, 17 Sep 2024 00:00:00 GMT SEC spoofing https://marketmanipulation.org/cases/cftc-shak-spoofing-2024/ https://marketmanipulation.org/cases/cftc-shak-spoofing-2024/ In 2024, the Commodity Futures Trading Commission obtained a consent order against Daniel Shak. A consent order resolves the 2022 complaint that Shak spoofed and ran a manipulative scheme in gold and silver futures, with a $750,000 penalty and a permanent trading ban. A 2013 sanction for banging the close appears only as his history. The release records a civil penalty of $750,000. Thu, 11 Apr 2024 00:00:00 GMT CFTC spoofing https://marketmanipulation.org/cases/sec-jason-nielsen-spoofing-2024/ https://marketmanipulation.org/cases/sec-jason-nielsen-spoofing-2024/ In 2024, the Securities and Exchange Commission obtained a consent judgment against Jason Nielsen. A final consent judgment on the pump-and-dump and spoofing claims over Arrayit stock imposes $149,915 in combined disgorgement and interest and a penny-stock bar. The release records disgorgement of $149,915. Wed, 03 Apr 2024 00:00:00 GMT SEC spoofing https://marketmanipulation.org/cases/amf-fr-tra-2023-11-16-jordi-eeman-layering-2023/ https://marketmanipulation.org/cases/amf-fr-tra-2023-11-16-jordi-eeman-layering-2023/ In November 2023 the AMF agreed a settlement with the independent trader Jordi Eeman over 30 sequences in 21 shares in 2020 to 2021 in which he allegedly used large orders cancelled unexecuted to move the book; he agreed to pay EUR 150,000. Thu, 16 Nov 2023 00:00:00 GMT AMF-FR layering spoofing https://marketmanipulation.org/cases/sebi-78524-wash-trading-2023/ https://marketmanipulation.org/cases/sebi-78524-wash-trading-2023/ On 30 October 2023 a SEBI adjudicating officer found that two traders repeatedly placed large buy orders in Shri Krishna Prasadam shares and deleted them within seconds to inflate apparent demand in December 2017 and January 2018. Their broker and a non-cooperating third noticee were also penalised, Rs 23,00,000 in all. Mon, 30 Oct 2023 00:00:00 GMT SEBI spoofing https://marketmanipulation.org/cases/cftc-texas-firm-spoofing-2023/ https://marketmanipulation.org/cases/cftc-texas-firm-spoofing-2023/ In 2023, the Commodity Futures Trading Commission brought an action against Logista Advisors LLC and Andrew Serotta. The CFTC filed a civil complaint alleging spoofing and a manipulative scheme in crude oil and natural gas futures, failure to supervise, and violation of a 2017 order. The matter is an allegation at this stage. Thu, 07 Sep 2023 00:00:00 GMT CFTC spoofing https://marketmanipulation.org/cases/cftc-uk-trader-spoofing-2023/ https://marketmanipulation.org/cases/cftc-uk-trader-spoofing-2023/ In 2023, the Commodity Futures Trading Commission issued an order settling charges against Adam Cobb-Webb. The order finds Cobb-Webb spoofed NYMEX WTI crude futures from December 2021 to January 2022, with a $150,000 penalty and a one-year trading ban. The release records a civil penalty of $150,000. Tue, 01 Aug 2023 00:00:00 GMT CFTC spoofing https://marketmanipulation.org/cases/cftc-hsbc-bank-usa-spoofing-2023/ https://marketmanipulation.org/cases/cftc-hsbc-bank-usa-spoofing-2023/ In 2023, the Commodity Futures Trading Commission issued an order settling charges against HSBC Bank USA. The order charges the swap dealer with manipulative swap trading around bond issuances, with spoofing, and with supervision and mobile-device recordkeeping failures, and imposes a $45 million penalty. The release records a civil penalty of $45 million. Fri, 12 May 2023 00:00:00 GMT CFTC spoofing https://marketmanipulation.org/cases/sebi-70718-spoofing-2023/ https://marketmanipulation.org/cases/sebi-70718-spoofing-2023/ In April 2023 a SEBI whole-time member found that a partnership firm repeatedly placed large, away-from-market orders it then cancelled after small opposite-side orders executed, across 16 scrips on 58 scrip days. The order disgorges Rs 52.55 lakh of gains with interest, bars the firm for two years and its people for a year, and fines the four noticees Rs 25 lakh in total. Fri, 28 Apr 2023 00:00:00 GMT SEBI spoofing layering https://marketmanipulation.org/cases/cftc-minnesota-registrant-spoofing-2022/ https://marketmanipulation.org/cases/cftc-minnesota-registrant-spoofing-2022/ In 2022, the Commodity Futures Trading Commission issued an order settling charges against Walleye Capital LLC. The order holds the Minnesota fund manager vicariously liable for a former trader's cross-product, cross-calendar and single-product spoofing in soybean complex futures on the CBOT, with a $550,000 penalty. The release records a civil penalty of $550,000. Mon, 12 Dec 2022 00:00:00 GMT CFTC spoofing https://marketmanipulation.org/cases/sebi-65880-market-abuse-2022/ https://marketmanipulation.org/cases/sebi-65880-market-abuse-2022/ In December 2022 a SEBI adjudicating officer fined Urmila Debi Rs 13 lakh for placing and deleting large buy and sell orders in Krishana Fabrics on 5 and 6 October 2016 to show false demand, and for ignoring SEBI summons. She earned about Rs 1.71 lakh on the trades. Tue, 06 Dec 2022 00:00:00 GMT SEBI spoofing https://marketmanipulation.org/cases/cftc-california-trader-spoofing-2022/ https://marketmanipulation.org/cases/cftc-california-trader-spoofing-2022/ In 2022, the Commodity Futures Trading Commission issued orders settling charges against Randy Chen and Tanius Technology, LLC. Two orders find that Chen and the proprietary firm Tanius spoofed 12 futures contracts, mainly Treasury futures, on the CME. Chen pays $150,000 and a six-month trading suspension; Tanius pays $600,000. The release records a civil penalty of $750,000. Mon, 26 Sep 2022 00:00:00 GMT CFTC spoofing https://marketmanipulation.org/cases/sebi-63372-market-abuse-2022/ https://marketmanipulation.org/cases/sebi-63372-market-abuse-2022/ A SEBI adjudicating officer fined a Hindu undivided family Rs 8 lakh in September 2022 for repeatedly entering and deleting large buy and sell orders in Global Infratech and Finance shares on BSE, which the order finds created a false picture of depth in a thinly traded stock. Mon, 26 Sep 2022 00:00:00 GMT SEBI spoofing https://marketmanipulation.org/cases/sebi-62715-matched-orders-2022/ https://marketmanipulation.org/cases/sebi-62715-matched-orders-2022/ A SEBI adjudicating officer fined eight noticees Rs 51 lakh in total over trading in Ejecta Marketing shares in January and February 2018, when buy-recommendation SMS messages circulated. He found three noticees placed and then deleted large orders to fake market depth so others could sell out of an illiquid stock. Tue, 06 Sep 2022 00:00:00 GMT SEBI spoofing https://marketmanipulation.org/cases/cftc-chicago-trader-spoofing-2022/ https://marketmanipulation.org/cases/cftc-chicago-trader-spoofing-2022/ In 2022, the Commodity Futures Trading Commission issued an order settling charges against Eric Schwartz. The order finds Schwartz spoofed natural gas and RBOB gasoline calendar spreads on the CME between April and July 2020, with a four-month trading suspension alongside the penalty. The release records a civil penalty of $100,000. Wed, 24 Aug 2022 00:00:00 GMT CFTC spoofing https://marketmanipulation.org/cases/cftc-nevada-metals-trader-spoofing-2022/ https://marketmanipulation.org/cases/cftc-nevada-metals-trader-spoofing-2022/ In August 2022 the CFTC sued Las Vegas trader Daniel Shak, alleging he spoofed gold and silver futures on COMEX from 2015 to 2018. On April 9, 2024 the District of Nevada entered a consent order that imposes a $750,000 civil penalty, a permanent trading and registration ban, and a permanent injunction. The CFTC noted two earlier enforcement actions against Shak. Fri, 05 Aug 2022 00:00:00 GMT CFTC spoofing https://marketmanipulation.org/cases/sebi-60249-analyst-manipulation-2022/ https://marketmanipulation.org/cases/sebi-60249-analyst-manipulation-2022/ In June 2022 a SEBI adjudicating officer fined a stockbroking firm director Rs 5,00,000 for placing very large sell orders in an illiquid stock, Veronica Production Limited, and cancelling them within moments in January 2017. The order rejected his explanation that a faulty keyboard key caused extra zeros. Mon, 27 Jun 2022 00:00:00 GMT SEBI spoofing https://marketmanipulation.org/cases/sec-lek-securities-corporation-et-al-layering-2022/ https://marketmanipulation.org/cases/sec-lek-securities-corporation-et-al-layering-2022/ In 2022, the Securities and Exchange Commission reported an appeals ruling against Vali Management Partners (Avalon FA Ltd), Nathan Fayyer and Sergey Pustelnik. The Second Circuit affirmed a judgment, following a 2019 jury verdict, that the three defendants ran layering and cross-market manipulation schemes producing over $25 million; each was ordered to pay $7.5 million in penalties. Lek Securities and its CEO had settled earlier. The release records a civil penalty of $22.5 million. Fri, 17 Jun 2022 00:00:00 GMT SEC layering spoofing https://marketmanipulation.org/cases/amf-fr-san-2022-06-spoofing-2022/ https://marketmanipulation.org/cases/amf-fr-san-2022-06-spoofing-2022/ In May 2022 the Commission des sanctions fined a Dutch proprietary trading firm and three traders a combined EUR 780,000 for repeated order-book activity on Euronext Paris shares between 2013 and 2016 that gave misleading signals and built a dominant position. The charge against a fourth company lapsed because it had been wound up. Fri, 06 May 2022 00:00:00 GMT AMF-FR spoofing