World Series of Poker Player Charged With Spoofing Gold Market

A Nevada metals trader with a side gig on the world poker circuit was charged Friday with manipulating gold and silver markets using a technique called spoofing.

The Commodity Futures Trading Commission alleges that Daniel Shak, who also runs a small hedge fund, repeatedly placed orders for gold and silver futures contracts with the intent to cancel the bids or offers before execution. Called spoofing, the practice gained notoriety following a high-profile criminal case involving several JPMorgan Chase & Co. bankers.

“These charges demonstrate once again that the CFTC will vigorously prosecute to the fullest extent of the law, ...