Trading

SEC charges three Chicago traders with ‘spoofing’ option orders

Civil charges levied against the former middle-school classmates over allegations they avoided fees and got undue rebates

Friday 4 December 2015 at 15:09

SEC charges three Chicago traders with ‘spoofing’ option orders

The Securities and Exchange Commission on Thursday levied civil charges against three Chicago-based traders for allegedly mismarking options orders to get lower fees and faster execution, and “spoofing” orders to get undue rebates.

The SEC alleged former middle-school classmates Richard Kenny and twin brothers Behruz Afshar and Shahryar Afshar wrongly made rebates or avoided fees of more than $2.25 million.