"Tricks from the … master," Liew typed in a chat after working with a colleague to move gold futures prices while Liew executed a trade. In the course of a year, Liew and his colleagues used fake orders to try to manipulate prices, an illegal practice called spoofing, more than 50 times.
Bloomberg News reports that after pleading guilty to fraud charges last week and agreeing to cooperate, Liew has become a prime government witness for U.S. prosecutors investigating whether traders at the world’s biggest banks conspired to manipulate prices in silver, gold, platinum and palladium.
His chats with colleagues - part of an FBI affidavit filed in Chicago and placed under seal - provide a window into the investigation by the Justice Department, which began looking into such activities at a dozen of the biggest global banks two years ago.
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