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Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Dan Shak Fined, Banned from Trading

Nov 26, 2013
Jing Chen

The U.S. futures market regulator has penalized hedge fund manager-turned-professional poker player Dan Shak for attempting to manipulate oil markets in 2008.

The U.S. Commodity Futures Trading Commission said in a statement Monday that Shak, the founder of the now-defunct SHK Asset Management, must pay a total of $400,000 in civil penalties. The CFTC also permanently banned Shak and SHK from trading in any crude oil markets, and imposed a two-year ban from trading “outrights,” in which a position is not put on as a hedge against risk during the close.

Shal was accused of “banging the close,” which meaning he built up a substantial position toward the end of the trading day and then offset it, during two trading days in 2008.

Shak most recently made news when he hosted an annual charity poker event he co-founded, which was filmed for national television as part of a future World Poker Tour broadcast.

 

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