Bitcoin Cash (BCH) News
According to MLCI’s admissions, beginning by at least 2008 and continuing through 2014, precious metals traders employed by MLCI schemed to deceive other market participants by injecting materially false and misleading information into the precious metals futures market. They did so by placing fraudulent orders for precious metals futures contracts that, at the time the traders placed the orders, they intended to cancel before execution. In doing so, the traders intended to “spoof” or manipulate the market by creating the false impression of increased supply or demand and, in turn, to fraudulently induce other market participants to buy and to sell futures contracts at quantities, prices and times that they otherwise likely would not have done so. Over the relevant period, the traders placed thousands of fraudulent orders. ~ justice.gov (edit: link fixed)
Many people have been saying for years that precious metals prices were being gamed by traders. They were labeled conspiracy theorists. But I propose that fake futures trades are just one of the methods used to manipulate prices on open markets.
Of course, since we are talking about a bank, and since banks are in charge of not only the DOJ, and virtually every other branch of government, not to mention the Fed, nobody will go to jail and MLCI entered into a non-prosecution agreement and agreed to pay a combined - and measly - $25 million in criminal fines, restitution and forfeiture of trading profits.
...MLCI and its parent company, Bank of America, have agreed to cooperate with the government’s ongoing investigation of individuals and to report to the Department evidence or allegations of violations of the wire fraud statute, securities and commodities fraud statute, and anti-spoofing provision of the Commodity Exchange Act in BAC’s Global Markets’ Commodities Business... Laughably, MLCI and BAC also agreed to enhance their existing compliance program and internal controls, where necessary and appropriate, to ensure they are designed to detect and deter, among other things, manipulative conduct... ~ zerohedge
In exchange for not going to jail, Bank of America promises to clean up its act, wink wink nudge nudge. They'll also help the government prevent others from getting in on this game without permission.
|Bitcoin Cash price||$434.05|
|24h Low / 24h High||$420.57 / $519.23|
All time high
|All time high||$3,785.82|
|All time high date||2017-12-20 (one year ago)|
|Since all time high||-88.62 %|
|24 hours||-13.48 %|
|7 days||4.19 %|
|14 days||10.12 %|
|30 days||-2.25 %|
|60 days||64.67 %|
|1 year||-37.77 %|
|Merged pull requests||13|