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Ex-Bank of America Trader Pleads Guilty to US Treasury Spoofing
A former trader at Bank of America Corp.’s Merrill Lynch unit admitted to manipulating Treasury prices through a spoofing scheme. Tyler Forbes, 27, pleaded guilty in federal court in Brooklyn Friday to working to rig the prices of Treasuries traded on the secondary market, consisting mostly of two-and-three-year notes, from January to June 2019. Prosecutors said he placed large electronic orders on one side of the market without intending to execute them -- while at the same time entering smaller orders on the other side in order to raise or lower prices in his favor and increase profits. Many of Forbes’ actual ... (full story)