Las Vegas, NV – Daniel Shak has been ordered to pay a $100,000 penalty for violating a previous CFTC order, the U.S. Commodity Futures Trading Commission announced on March 30, 2015. The judgment came from Judge Emmet G. Sullivan of the U.S. District Court for the District of Columbia on March 27, 2015, and includes a permanent injunction.
Shak was initially charged with attempting to manipulate the price of crude oil futures contracts on the New York Mercantile Exchange and violating speculative position limits in 2008. A prior CFTC order, entered on November 25, 2013, prohibited Shak from trading outright futures contracts in any market during the closing period for a two-year period. This order was the result of a consented agreement between Shak and the CFTC.
However, on May 22, 2014, Shak violated the terms of the original order by trading two outright gold futures contracts during the prohibited closing period. This constituted a direct breach of the agreement he had made with the CFTC.
“The CFTC is committed to aggressive enforcement and policing of our financial markets. This includes ensuring compliance with Commission Orders entered against wrongdoers. Failure to follow a Commission Order will result in further sanctions,” stated Aitan Goelman, Director of the Division of Enforcement.
In addition to the $100,000 civil monetary penalty, the Consent Order extends Shak’s trading prohibition for another two years from the date of the order, further restricting his ability to participate in futures markets. The case was led by CFTC staff members Jennifer Diamond, James H. Holl, III, and Rick Glaser.
Source: CFTC.gov
Related Federal Cases
- Daniel Shak, Telephone Spoofing, Nevada 2024 · New York
- Letitia James, Civil RICO Lawsuit, New York 2023 · Washington
- Letitia James, Revocation of Temporary Protected Status, New York, 2023 · Washington
- Letitia James, Dismantling AmeriCorps Funding, New York NY, 2023 · Washington
- Letitia James Demands ICE Identity Disclosure, New York, 2023 · Washington
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News