Eight charged with deceptive trading practices; including two Indian-Americans
Eight individuals including two Indian Americans have been charged with deceptive trading practices on commodities markets in the United States.
One of them has been identified as 41-yr-old Jitesh Thakkar of Naperville, Illinois, who has been charged in a criminal complaint with conspiracy and spoofing offences along with others.
It need be mentioned that spoofing is an illegal trading practice that can be used to manipulate the commodities markets.
Another Indian American is 33-yr-old Krishna Mohan of New York who has been charged in a criminal complaint filed in the Southern District of Texas with commodities fraud.
Of those identified, five were traders employed by global financial institutions, two were traders at large commodities trading firms, and one was the owner of a technology consulting firm, the Justice Department said.
According to the charging documents, the spoof orders often had the effect of artificially depressing or artificially inflating the prices of futures contracts traded on CME, CBOT and COMEX.>