Results 1 to 10 of 10

Thread: World Series of Poker Player Charged With Spoofing Gold Market

  1. #1
    Diamond TheXFactor's Avatar
    Reputation
    1156
    Join Date
    Jun 2012
    Posts
    6,474
    Load Metric
    13941254

    World Series of Poker Player Charged With Spoofing Gold Market

    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




  2. #2
    Nova Scotia's #1 Party Rocker!!!!11 DJ_Chaps's Avatar
    Reputation
    860
    Join Date
    Mar 2012
    Location
    Halifax
    Posts
    5,674
    Load Metric
    13941254
    HAHAHAHHA DIDNT EVEN OPEN THREAD AND KNEW WHO IT WAS. SHAK IS AN OLD SCHOOL GOLD TRADER. THIS IS SLICK.

     
    Comments
      
      Sanlmar: Old Prop trader rep.
    --------------------------------------------------------------------------------------------
    Chaps' 2017-18 NFL $$ Thread

  3. #3
    Platinum devidee's Avatar
    Reputation
    778
    Join Date
    Mar 2012
    Posts
    3,544
    Load Metric
    13941254
    Oy vey!!!

  4. #4
    Plutonium sonatine's Avatar
    Reputation
    6895
    Join Date
    Mar 2012
    Posts
    31,292
    Load Metric
    13941254
    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.

     
    Comments
      
      Sanlmar: JPM cum guzzlers never gets old.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  5. #5
    Platinum ftpjesus's Avatar
    Reputation
    495
    Join Date
    Mar 2012
    Location
    Mesa AZ
    Posts
    3,423
    Load Metric
    13941254
    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.

  6. #6
    Plutonium sonatine's Avatar
    Reputation
    6895
    Join Date
    Mar 2012
    Posts
    31,292
    Load Metric
    13941254
    Quote Originally Posted by ftpjesus View Post
    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.

    https://www.livemint.com/market/mark...246095509.html


    unrelated by all appearances.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  7. #7
    Platinum ftpjesus's Avatar
    Reputation
    495
    Join Date
    Mar 2012
    Location
    Mesa AZ
    Posts
    3,423
    Load Metric
    13941254
    Quote Originally Posted by sonatine View Post
    Quote Originally Posted by ftpjesus View Post
    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.

    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.

    "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).

  8. #8
    Diamond Tellafriend's Avatar
    Reputation
    1010
    Join Date
    Mar 2015
    Posts
    5,413
    Load Metric
    13941254
    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.
    he tries to fly under the radar with his gay big words - Big Bird

  9. #9
    Owner Dan Druff's Avatar
    Reputation
    8062
    Join Date
    Mar 2012
    Posts
    47,526
    Blog Entries
    2
    Load Metric
    13941254
    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.

  10. #10
    Plutonium sonatine's Avatar
    Reputation
    6895
    Join Date
    Mar 2012
    Posts
    31,292
    Load Metric
    13941254
    Quote Originally Posted by ftpjesus View Post
    Quote Originally Posted by sonatine View Post
    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.

    "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.
    Last edited by sonatine; Yesterday at 04:40 PM.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. 2020 World Series of Poker
    By TheXFactor in forum Flying Stupidity
    Replies: 2
    Last Post: 03-08-2020, 01:58 PM
  2. world series of poker main event 2018
    By FRANKRIZZO in forum 2018 World Series of Poker
    Replies: 0
    Last Post: 07-25-2018, 11:02 AM
  3. World Series of Poker Braclet Prediction Thread
    By Anonymous in forum The Bathroom Wall
    Replies: 18
    Last Post: 05-14-2017, 12:58 AM
  4. 2013 World Series of Poker Streaming Caps
    By 4Dragons in forum Flying Stupidity
    Replies: 0
    Last Post: 08-10-2013, 09:32 PM
  5. The Oral History of the 2003 World Series of Poker
    By DRK Star in forum Flying Stupidity
    Replies: 18
    Last Post: 05-24-2013, 07:36 AM