Washington, D.C. – David Liew has been permanently banned from trading commodity interests after admitting to market manipulation and spoofing in gold and silver futures, the Commodity Futures Trading Commission (CFTC) announced today.
The CFTC issued an order detailing Liew’s unlawful conduct between December 2009 and February 2012, while employed as a junior trader at a large, unnamed financial institution. The investigation revealed Liew acted both independently and in concert with traders from his firm and another large financial institution to manipulate the precious metals markets.
According to the order, Liew engaged in “spoofing” – placing orders he did not intend to execute – to create a false impression of market interest. These spoof orders were typically placed after opposing bids or offers, aiming to induce other traders to fill Liew’s existing orders. The CFTC found that Liew intended to, and at times successfully did, manipulate the price of gold and silver futures contracts.
Liew has agreed to the settlement, which includes a permanent ban on all trading of commodity interests. He is also prohibited from seeking registration, acting in any capacity requiring registration, or working as an officer or employee of any registered or exempt entity.
The CFTC acknowledged Liew’s cooperation with the Division of Enforcement’s investigation, including entering into a formal Cooperation Agreement and providing substantial assistance. This cooperation was considered in the settlement.
“Today’s enforcement action demonstrates that the Commission will aggressively pursue individuals who manipulate and spoof in our markets,” said James McDonald, CFTC’s Director of Enforcement. “This action also shows that while holding individuals accountable for their conduct, the Commission will give meaningful cooperation credit to those who acknowledge their own wrongdoing and provide substantial assistance.”
The order details numerous instances of Liew’s manipulative behavior, confirming a pattern of placing non-bona fide orders designed to mislead other market participants.
Source: CFTC.gov
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