When David McGill and Benjamin Sauter look at recent high-frequency trading (HFT) criminal convictions, they don’t see it as a one-off event: this is a trend where a delicate turning up of the hot temperature on white collar crime in a specific “Wall Street” niche. McGill and Sauter, complex litigation lawyers at Kobre & Kim, see apparent criminal activity memorialized in traceable chat messages in the most recent case and scratch their head at the complexity and shake their head. As they prepare to fight in US Supreme Court over the first criminal HFT conviction, they look at what is…
On This Page
- Criminal charges against an HFT trader initially shocked market professionals, but it was just the first step in a broader crackdown and a message being sent
- Derivatives industry regulators and DoJ are not punishing the collective group by going after the company, but rather targeting individuals
- Legal manipulation and blocking investigations at the FBI is a fact documented by PBS Frontline, CBS News, and others
- Complex spoofing and OTC derivatives rules date back to Gary Gensler's reign as CFTC Chair
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