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
Dan Shak
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A Nevada metals trader with a side gig on the world poker circuit was charged Friday with manipulating gold and silver markets using a technique called spoofing.
The Commodity Futures Trading Commission alleges that Daniel Shak, who also runs a small hedge fund, repeatedly placed orders for gold and silver futures contracts with the intent to cancel the bids or offers before execution. Called spoofing, the practice gained notoriety following a high-profile criminal case involving several JPMorgan Chase & Co. bankers.