Chicago, IL – September 29, 2020 – The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Roman Banoczay Jr. of Bratislava, Slovakia, alleging a manipulative scheme involving crude oil futures contracts. The case, filed in the U.S. District Court for the Northern District of Illinois, accuses Banoczay Jr., along with his father, Roman Banoczay Sr., and their company, BAZUR Spol. S.R.O., of spoofing and deceptive practices.
According to the CFTC complaint, between early 2018, Banoczay Jr. engaged in a pattern of spoofing – placing and then canceling orders with no intention of executing them – to create a false impression of market activity. Specifically, he allegedly placed thousands of orders for crude oil futures contracts on CME Group Inc.’s exchanges, intending to cancel them before they could be filled. This was done to manipulate other traders into executing orders at desired prices.
The CFTC alleges that Banoczay Sr. and BAZUR are liable for these actions, as Banoczay Jr. acted as their agent when conducting the trades. The agency seeks civil monetary penalties, disgorgement of ill-gotten gains, trading bans, and a permanent injunction to prevent future violations of commodities laws.
This isn’t the first time Banoczay Jr.’s actions have faced scrutiny. The CME Group, Inc. previously issued a disciplinary action against him on March 23, 2020, for the same underlying conduct.
“These charges demonstrate once again that the CFTC continues to vigorously prosecute to the fullest extent of the law, misconduct that has the potential to undermine the integrity of our markets regardless of where wrongdoers may reside,” stated James McDonald, Director of the CFTC’s Division of Enforcement.
The CFTC acknowledged the assistance of the National Bank of Slovakia and CME Group Inc. in the investigation. The case is being pursued by Ilana Waxman, Brian Hunt, Daniel Jordan, Patrick Marquardt, Jordon Grimm, and Rick Glaser of the Division of Enforcement.
Source: CFTC.gov
Related Federal Cases
- Joe Biden Criticized for Wildfire Response, Maui HI, 2024 · Illinois
- Rico Tomas Garcia, Hand Sanitizer Scam, CO, 2023 · Washington
- Michael Jett Sentenced to 23 Months for Tax Evasion, MO, 2023 · Alabama
- Two Foreign Nationals, ID Theft Scheme, Los Angeles CA, 2023 · Illinois
- Akira Salinas-Ruiz, Murder of 18-Month-Old, Wisconsin, 2006 · Illinois
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News