Financial services firm Tower Research Capital will pay a combined $67.4 million in settlements with the Department of Justice and the Commodity Futures Trading Commission to resolve criminal charges related to a scheme involving thousands of instances of unlawful trading activity in U.S. commodities markets by three former traders.
As part of the settlement agreements, Tower will pay $32.6 million in restitution, $10.5 million in disgorgement, and a $24.4 civil monetary penalty—the largest total monetary relief ever ordered in a spoofing case, according to the CFTC. Additionally, Tower entered into a deferred prosecution agreement with the Department of Justice, filed Nov. 6 in the Southern District of Texas, charging the company with commodities fraud.
