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Violation Tracker Individual Record

Company: Propex Derivatives Pty Ltd
Penalty: $1,000,000
Year: 2020
Date: January 21, 2020
Offense Group: financial offenses
Primary Offense: investor protection violation
Violation Description: Propex Derivatives Pty Ltd , a Sydney, Australia-based proprietary trading firm, entered into a resolution with the Department of Justice to resolve criminal charges related to a spoofing scheme involving thousands of instances of unlawful trading activity in U.S. commodities markets by a former Propex trader. Propex entered into a deferred prosecution agreement in connection with a criminal information filed in the Northern District of Illinois charging the company with one count of spoofing (the illegal practice of placing an order to buy or sell with the intent to cancel the bid or offer before execution). Under the terms of the DPA, Propex agreed to pay $1 million that is comprised of a criminal monetary penalty ($462,271), criminal disgorgement ($73,429), and victim compensation ($464,300) with the criminal monetary penalty credited for payments made to the Commodity Futures Trading Commission, which brought its own case against the company.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Criminal Division
Civil or Criminal Case: civil and criminal
Prosecution Agreement: deferred prosecution agreement
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.