U.S. financial regulators have once again proven their ability to take action on a global scale. The U.S. Commodity Futures Trading Commission (CFTC) has ordered and settled charges against British trader Adam Cobb-Webb for participating in multiple cases of spoofing in West Texas Intermediate (WTI) light sweet crude oil futures contracts on the New York Mercantile Exchange (NYMEX).
This misconduct occurred between December 16, 2021 and January 14, 2022.
Cobb-Webb has been told to pay a fine of $150,000 and is not allowed to trade for one year on any exchange regulated by the CFTC or other CFTC-registered entities. This punishment is because Cobb-Webb was found guilty of breaking the law against spoofing in the Commodity Exchange Act.
Director of Enforcement Ian McGinley, said:
This order is the latest in a long series of actions by the Commission to punish spoofing in the markets the Commission oversees. Spoofing is easier than ever for the Commission to identify and pursue. Our message to would-be spoofers is this: Don’t.
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