/biz/ - Business & Finance

fucking merchants
from the DOJ:
>According to court documents filed as part of the DPA, from approximately January 2008 until July 2016, four metals traders employed by Scotiabank, including Corey Flaum, engaged in fraudulent and manipulative trading practices in the markets for gold, silver, platinum, and palladium futures contracts (collectively, precious metals futures contracts) that traded on the New York Mercantile Exchange Inc. (NYMEX) and Commodity Exchange Inc. (COMEX), which are commodities exchanges operated by the CME Group, Inc. On thousands of occasions throughout this period, the traders placed orders to buy and sell precious metals futures contracts with the intent to cancel those orders before execution. By placing these orders, the traders intended to artificially move the prices of precious metals futures contracts in a direction that was favorable to them and Scotiabank, and to inject false and misleading information into the precious metals futures markets in order to deceive other market participants into believing something untrue, namely that the market reflected legitimate supply and demand.