Spoofing - Citi fined $25M

bone

bone

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Pippi436 said:
Of course, the independent trades got criminal charges, Citi walks with a fine..
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You can't throw a corporation in jail. You can only treat is "legally as a person". So the only thing that can happen to "the corporation" when the corporation is charged with a crime is a fine, but the employees themselves can he held liable for the criminal charges and suffer said consequences.
 
And again, there are quite a few of these cases being brought the past couple years. And they are being referred by the CME Legal Department from everything I can tell in the CFTC Complaints.
 
bone said:
Think spoofing is small potatoes to Futures exchanges and regulators ?

In January 2017, Citigroup was fined $25 million for manipulating the U.S. Treasury futures market. The fine was the biggest ever levied in a spoofing case and the bank was the highest-profile target of an investigation.

https://www.bloomberg.com/quicktake/spoofing

https://www.ft.com/content/aa943ab4-de60-11e6-9d7c-be108f1c1dce

http://www.cftc.gov/PressRoom/PressReleases/pr7516-17
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Yeah I do think it's small potatoes for big banks, 25 million is like a slap on the wrist for Citi. It's a joke. where as someone like Nav , spoofing from his parents basement has ruined his life. If only he was working for a big bank, he probably would have been paid a nice bonus instead of a jail term.
 
Overnight said:
You can't throw a corporation in jail. You can only treat is "legally as a person". So the only thing that can happen to "the corporation" when the corporation is charged with a crime is a fine, but the employees themselves can he held liable for the criminal charges and suffer said consequences.
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They seem to rarely charge bank employees tho with these bank settlements.
 
Pippi436 said:
They seem to rarely charge bank employees tho with these bank settlements.
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Not sure what you're saying. What do you mean please? -
a) they should prosecute the bank employees as well as the Hounslow trader?
b) they shouldn't prosecute anyone because they can't prosecute everyone
c) they shouldn't prosecute the Hounslow trader because they don't prosecute many bank employees
d) they should prosecute the bank employees but not the Hounslow trader because he lives in a basement and the bank employees are paid for their time?
 
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