Chicago Trader Sued By CFTC For Alleged Spoofing, Using 'manipulative' Device

The Commodity Futures Trading Commission said it's suing a Chicago trader for alleged spoofing and using a "manipulative and deceptive device" while trading on four different futures exchanges. Igor Oystacher and his proprietary trading firm, 3 Red Trading, were charged with a spoofing scheme on contacts tied to the S&P 500, crude oil, natural gas, copper and the VIX volatility index. Spoof orders are those designed to induce others to act but are intentionally cancelled. The complaint said Oystacher used a commercially available trading platform, which wasn't named.