CFTC Orders New York Trader Simon Posen to Pay a $635,000 Civil Monetary Penalty and Permanently Bans Him from Trading in CFTC-Regulated Markets for Spoofing in the Gold, Silver, Copper, and Crude Oil Futures Markets

The U.S. Commodity Futures Trading Commission (CFTC) issued an Order filing and settling charges against Simon Posen of New York, New York for engaging in thousands of incidents of “spoofing” — bidding or offering with the intent to cancel the bid or offer before execution — in gold, silver, and copper futures contracts traded on the Commodity Exchange, Inc., and crude oil futures contracts traded on the New York Mercantile Exchange over a period spanning more than three years.