Former UBS trader found not guilty

Pot Of Gold

A former UBS precious metals trader was found not guilty on Wednesday of scheming to manipulate futures markets through a practice known as spoofing.

Andre Flotron, 54, was cleared by a federal jury in New Haven, Connecticut, of a single count of conspiracy to engage in commodities fraud. It was the first acquittal in a spoofing-related case since the U.S. outlawed the practice in 2010. He could have faced as long as 25 years in prison if convicted.

“We’re extremely pleased with the jury’s verdict,” Flotron’s defense attorney Marc Mukasey said. “Justice has been done.”

After remaining expressionless throughout most of the trial, Flotron wept when the jury’s decision was read. Jurors reached their verdict after about five days of testimony and five hours of deliberations.

Hit the link below to access the complete Bloomberg News article:

Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge

Barclays Trading Gives Staley Momentum, But Misconduct Bites

 

 

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