Violation Tracker Individual Record
The Commodity Futures Trading Commission issued two orders filing and settling charges against The Bank of Nova Scotia, a provisionally registered swap dealer, arising from manipulative and deceptive conduct, spanning more than eight years and involving thousands of occasions of attempted manipulation and spoofing in gold and silver futures contracts traded on the Commodity Exchange, Inc. (COMEX). The combined orders required BNS to pay a total of $77.4 million in penalties and equitable relief, including a record-setting $17 million for making false and misleading statements to CFTC staff during the investigation into the bank's spoofing and a total of $60.4 million for spoofing and attempted manipulation. In addition to monetary sanctions, the spoofing order required BNS to retain an independent compliance monitor. The annnoucement stated that a portion of the penalty would be offet by payments made to the Justice Department in a related case (see separate entry) but does not indicate how much.