Dan Shak always thought his ex-wife would lead to his demise. He was wrong.
World Series of Poker Player Charged With Spoofing Gold Market
Daniel Shak placed gold, silver orders with intent to cancel
Shak has competed in over 150 major poker tournament events
https://www.bloomberg.com/news/artic...ng-gold-market
https://pyxis.nymag.com/v1/imgs/589/....h473.w710.jpg
https://alchetron.com/cdn/daniel-sha...esize-750.jpeg
HAHAHAHHA DIDNT EVEN OPEN THREAD AND KNEW WHO IT WAS. SHAK IS AN OLD SCHOOL GOLD TRADER. THIS IS SLICK.
Oy vey!!!
interesting.. shaks been getting in over his head with gold desks for like at least 8 years;
https://www.pokernews.com/news/2015/...laim-21147.htm
nice gem:
Before that case’s 2015 resolution, however, Shak’s trading in gold generated perhaps the largest mainstream headlines of his trading career. Shak’s hedge fund, though it only held about $10 million in firm assets in 2011, possessed highly-leveraged gold futures worth up to $850 million. When Shak decided to sell out of the gold market, in response to conflicting market pressures he claimed were led by JP Morgan, the action sent a shudder through the gold market.
Shak and two separate metals traders eventually filed suit against JP Morgan, in part alleging the same sort of spoofing activities that Shak himself was sued for today. JP Morgan quietly settled with Shak and the other two traders in 2020 for an undisclosed amount, while also paying a massive settlement to the CFTC for widespread illicit trading activities, though the firm publicly claimed innocence regarding the spoofing allegations.
must be nice to be able to afford spoofing orders and have the legal firepower to write off the fines.
I wonder if this has anything to do with the recent issues in Gold where there was a massive flash crash in gold due to a myriad of sell orders that were placed and then pulled and wrecked havoc including a ton of folks having their long trades stopped out rapidly.
Quote:
Originally Posted by ftpjesus
https://www.livemint.com/market/mark...246095509.html
unrelated by all appearances.
article is a year old Tine.. This happened recently and was the cause of a shitstorm among alot of prop traders in a few groups where the prop firms actually did the right thing and restored the traders accounts. Actually appears it was opposite issue when I went back and searched.. Was a massive spike around July 4th and claim was it was due to a Liquidity Provider.Quote:
Originally Posted by sonatineQuote:
Originally Posted by ftpjesus
https://www.livemint.com/market/mark...246095509.html
unrelated by all appearances.
"Hello @everyone,
We understand there is an abnormal spike on gold. We are currently looking to reopen then delete any trade negatively affected by the spike. The spike was caused by an LP pulling their bids and causing a bad tick.
We are working now to promptly resolve all affected accounts and will report back when its done.
If your account was violated get in touch with us and provide your account number( at support@myforexfunds.com ) . We will reinstate the account once the trade is removed from the history (so that you do not automatically violate again).
Apologies for the issue, will be back with an update shortly.
Thank you for your patience"
MFF wasnt the only one affected and if its true Shak really has had his fingers in the gold market buy such a huge margin and has spoofed previously this has his finger prints all over it again. (Maybe they just havent tied it to him yet possibly).
there was/is a SEC trial going on now over this gold market manipulation through orders i believe.
just more jews on wallstreet doing what they do. fines will be paid and money will continue to be made.
Some of you might remember my story about him and ex-wife Beth, from my 2005 bracelet-winning event.
If you don't, listen to tonight's radio segment, and I'll tell it again. This was before anyone in poker knew him. However, from the moment he sat down, I knew he was loaded, as he had on expensive clothes and and expensive watch, yet didn't carry himself like a guy trying to show off wealth. So I knew it was legit wealth, but I had no idea who the guy was.
Anyway, Dan has always been a pleasant guy at the poker table, and is well liked in the community. Beth... not so much.
Quote:
Originally Posted by ftpjesusarticle is a year old Tine.. This happened recently and was the cause of a shitstorm among alot of prop traders in a few groups where the prop firms actually did the right thing and restored the traders accounts. Actually appears it was opposite issue when I went back and searched.. Was a massive spike around July 4th and claim was it was due to a Liquidity Provider.Quote:
Originally Posted by sonatine
"Hello @everyone,
We understand there is an abnormal spike on gold. We are currently looking to reopen then delete any trade negatively affected by the spike. The spike was caused by an LP pulling their bids and causing a bad tick.
We are working now to promptly resolve all affected accounts and will report back when its done.
If your account was violated get in touch with us and provide your account number( at support@myforexfunds.com ) . We will reinstate the account once the trade is removed from the history (so that you do not automatically violate again).
Apologies for the issue, will be back with an update shortly.
Thank you for your patience"
MFF wasnt the only one affected and if its true Shak really has had his fingers in the gold market buy such a huge margin and has spoofed previously this has his finger prints all over it again. (Maybe they just havent tied it to him yet possibly).
are you sure it wasnt june 30th? i see nothing terribly shocking for weeks on either side.
in any case the notion that dan shak was pushing enough volume with his spoofs to create a major market incident is ... romantic.