Shak Slapped For Alleged Oil Market Manipulation

Nov 26 2013 | 12:39pm ET

Former hedge fund manager Daniel Shak has been barred from oil-trading as part of a settlement with the Commodity Futures Trading Commission.

The SHK Asset Management founder, who is now better known as a professional poker player and for his divorce battle, was fined $400,000 for "banging the close" on oil futures in 2008. The CFTC said the move, over two days, was an effort to manipulate the markets and also violated New York Mercantile Exchange position limits.

In addition to the fine, Shak has been barred for life from trading in regulated crude-oil markets and received a two-year ban on trading "naked futures."

Shak shut SHK nearly three years ago, in a move that roiled gold markets.


In Depth

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.