Scotiabank entered a $60.4 million U.S. criminal resolution over commodities spoofing
Company: The Bank of Nova Scotia
Summary
On August 19, 2020, The Bank of Nova Scotia entered a deferred prosecution agreement with the U.S. Department of Justice and agreed to pay more than $60.4 million in criminal penalties, disgorgement and restitution. The bank admitted that traders placed thousands of deceptive orders in precious-metals futures markets between January 2008 and July 2016. The agreement resolved wire-fraud and attempted-price-manipulation charges subject to its terms; it was not a trial judgment. Primary source: https://www.justice.gov/archives/opa/pr/bank-nova-scotia-agrees-pay-604-million-connection-commodities-price-manipulation-scheme