Articles Tagged with Briargate Trading

The Securities and Exchange Commission is charging Briargate Trading LLP and its co-founder Eric Oscher with placing fake orders to make it seem as if there were a lot of interest in their stocks so they could manipulate prices. The practice is an illegal trading strategy called spoofing. To settle the regulator’s charges, both the New York-based proprietary trading firm and Oscher have consented to pay over $1 million.

According to the regulator, the spoofing scam lasted from 10/11 to 9/12 and involved securities found on the New York Stock Exchange. Oscher, an ex-NYSE specialist, used his account at the firm to make numerous, big, non-bona fide orders before the exchange opened for trading in the morning. The orders affected market perception of the stocks’ demand and their prices.
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