A person and institution were fined for transactions on oil contracts in the futures markets.
CFTC banned a trader and his institution for manipulating the oil. The Commodity Markets Futures Transactions Commission in the USA, CFTC, imposed a transaction ban on a person and institution and fined $ 400,000 on charges of manipulating crude oil prices. In the statement made by the CFTC, it was stated that Daniel Shak and SHK Management LLC were permanently prohibited from trading in crude oil markets, Shak and SHK were also prohibited from trading in some product types in the major commodity markets in the last 2 minutes of the trading day, when price fixes were realized. In the statement of the CFTC, it was stated that Shak and his company made a large amount of transactions one-way in the closing minutes of a trading day in West Texas type oil in 2008 and thus tried to affect fixing prices.