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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

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.

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