Author: Syedur Rahman 10 March 2021
Rahman Ravelli has called on a US federal judge to throw out the Commodity Futures Trading Commission suit against two of their clients.
Slovakian Roman Banoczay Jr and his father are accused of spoofing the crude oil futures market. But the duo’s legal team has argued that the court has no jurisdiction over the Commission’s claims.
The two men’s legal representatives have stated that the Commission has made inaccurate assertions in order to try and establish jurisdiction in the US. His team have also argued that the case is based on “conclusory allegations, a muddled recitation of cherry-picked snippets of trade data, and a series of irrelevant statistical analyses."
It is alleged that Banoczay Jr deceptively traded crude oil futures through accounts his father held and that he spoofed the market for West Texas Intermediate crude oil futures on the New York Mercantile Exchange.
The case was covered by Law360. (Subscription required)
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, international arbitration, civil recovery, cryptocurrency and high-stakes commercial disputes.