WASHINGTON – Sidney Lebental, a dual French and American citizen residing in New York, has been penalized by the Commodity Futures Trading Commission (CFTC) for engaging in a manipulative trading practice known as spoofing. The CFTC announced the settlement on May 6, 2026.
Lebental was charged with spoofing treasury futures contracts, specifically the Ultra U.S. Treasury Bond futures contract, traded on the Chicago Board of Trade during a period from January to September 2019. The CFTC order details that Lebental placed approximately 50 spoof orders, designed to create a false impression of market activity.
The scheme involved simultaneously entering genuine orders to buy or sell cash Treasuries, or Treasury futures, while placing offsetting “spoof” orders that he never intended to fulfill. These spoof orders were placed on the opposite side of the market in a correlated Treasury futures contract. Once his legitimate orders were executed, Lebental promptly canceled the spoof orders, aiming to artificially influence prices.
As a result of the CFTC’s investigation, Lebental has agreed to a $200,000 civil monetary penalty. Additionally, he is prohibited from trading any commodity interests for one month and is ordered to cease and desist from further violations of the spoofing prohibition outlined in the Commodity Exchange Act.
Spoofing is a form of market manipulation that undermines market integrity and can mislead other traders. The CFTC continues to actively pursue individuals and firms engaging in such practices to ensure fair and transparent markets.
Source: CFTC.gov
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