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Post dated: April 14, 20,24 at 06:31h
Last Updated: April 14, 20,24 06:35h
Dan Shak, a high-stakes player of poker who has been accused of spoofing the gold and Silver markets at the Commodity Exchange Inc.
Spoofing is the practice of illegally placing bids for commodities in the hope that they will be cancelled before the execution date. This allows the manipulator to take advantage of the market.
Shak Was Sued In August 2022, the Commodity Futures Trading Commission filed a lawsuit against him in a civil suit alleging that he committed “manipulative acts or deceptive actions.” According to the CFTC, from February 2015 until March 2018, he made large orders on gold and silver futures he did not intend to close.
In the suit, it was claimed that at the same time he placed real orders on the opposing side of these market.
Market Ban
According to the CFTC, the poker player was “aware or reckless” that the Spoof Orders he placed would mislead or deceive other market participants.
Shak has agreed to not deny but not admit the accusations. Shak is prohibited from trading in commodities on behalf of anyone else and from soliciting, accepting, or receiving any money from others for the purposes of selling commodities.
Shak’s lawyer sent a statement to PokerNews in which he said, “While I was confident that I would have been successful at trial, the decision I made for myself and my family to end this case without any admission of guilt and to do so quickly and efficiently, with minimal cost and delay and no distraction from a lengthy legal battle, is the most appropriate one.”
“I traded millions of dollars per year and the CFTC made allegations about a tiny fraction of those trades, which allegedly happened between 2015-2018,” he said.
Infractions Previous
Shak was fined $400k by the CFTC in 2013 for trying to influence the prices of futures contracts for light sweet crude oil on the New York Mercantile Exchange. Two years were put on his trading ban for futures. A little over two years later he was hit with a $100,000 fine for breaching the trading ban.
Hendon Mob Database reports that Shak earned approximately $11.7 millions in tournament gross earnings. Former principal of SHK Management, he is also the founder. On his LinkedIn profile, he describes himself as “a self-employed commodities traders.”
Shak made headlines when, in 2012, he filed a lawsuit against his former wife, poker player Beth Shak. He claimed he had no knowledge of the shoe collection worth $1 million at the time they divorced three years earlier.
Dan claimed Beth hid her collection of 1,200 designer shoes from him, “possibly using a secret room” in their former $7.5 million Manhattan apartment. If he knew about the designer shoes, perhaps he would have paid less for the divorce, Dan lamented.
Beth explained, “He says he doesn’t remember the existence of our closet in master bedroom.” The New York Post
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