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CFTC Charges Tennessee Trader and Two Entities with Engaging in Cross-Market and Single-Market Spoofing and Manipulative Schemes

CFTC Charges Tennessee Trader And Two Entities With Engaging In Cross-Market And Single-Market Spoofing And Manipulative Schemes

<p><span>The Commodity Futures Trading Commission today filed a civil enforcement action in the U.S. District Court for the Northern District of Illinois against&nbsp;David Skudder,&nbsp;Global Ag LLC, and&nbsp;Nesvick Trading Group LLC&nbsp;for spoofing&mdash;bidding or offering with the intent to cancel the bid or offer before execution&mdash;and for the use of manipulative schemes.&nbsp;The schemes involved both soybean futures contracts and options on soybean futures contracts traded on the Chicago Board of Trade.&nbsp;Some of their misconduct involved cross-market spoofing&mdash;i.e., spoofing in one market to benefit a position in another market, where the price of the two markets is correlated.&nbsp;Skudder is a founder, principal, and registered associated person of Global, a registered commodity trading advisor. Skudder is also a registered associated person of Nesvick, a registered introducing broker.&nbsp;&nbsp;<

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