Daniel Shak Settles with CFTC

March 30, 2014, New York: Kirby McInerney LLP's client, Daniel Shak, has agreed to settle with the Commodity Futures Trading Commission (CFTC) over claims he traded during the closing minute in the gold futures market. Mr. Shak admitted to accidentally trading a 2-lot of gold 14 seconds into the closing range after he had agreed not to trade during that period under a prior CFTC order.

Mr. Shak will not receive a lifetime ban from trading for this error. “I am happy to resolve this outstanding issue with the CFTC without it impacting my trading operation,” said Mr. Shak. “I did not try to hide this trade from the CFTC and it is my intention to make sure a mistake like this does not happen again.”