District Judge Issues Order Requiring Payment of Penalties and Disgorgement in Spoofing Case

Judge Andrea R. Wood of the U.S. District Court for the Northern District of Illinois entered a consent order against Navinder Singh Sarao that requires him to pay a $25,743,174.52 civil monetary penalty and $12,871,587.26 in disgorgement. The CFTC previously proposed the consent order to resolve an enforcement action alleging that Mr. Sarao and his company had engaged unlawfully in "spoofing" and price manipulation of the E-mini S&P in connection with futures contracts.