Poker Player Dan Shak Settles With CFTCShak Agrees To Pay $100,000 Fine |
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High-stakes poker player Dan Shak has agreed to pay the federal government $100,000 to settle a dispute over betting on derivatives, according to Bloomberg.
Shak admitted to accidentally trading two gold futures contracts 14 seconds into the closing range after agreeing not to trade in that period. In 2013, Shak consented to a Commodity Futures Trading Commission Administrative Order which charged Shak and his company, SHK Management LLC, “with attempting to manipulate the price of crude oil futures contracts on the New York Mercantile Exchange and violating speculative position limits on two days in 2008,” the government said in a press release.
The CFTC Order, among other things, prohibited Shak from trading outright futures contracts in any market during the closing period for a two-year period starting on the date the CFTC Order was entered […] Six months later, Shak violated the CFTC Order by trading two outright gold futures contracts during the closing period on May 22, 2014 – the exact kind of commodity futures trading that he agreed to be banned from trading […] The Consent Order also extends Shak’s prohibition from trading outright futures contracts in any market during the closing period for a two-year period from the date of the Consent Order.
Bloomberg reported: “I did not try to hide this trade from the CFTC and it is my intention to make sure a mistake like this does not happen again,” Shak said in a statement provided by his lawyer.
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