Despite its poor record of winning manipulation cases, the CFTC is proceeding with a suit against DRW and Don Wilson alleging market manipulation in the face of extremely mixed evidence.
[T]he U.S. Commodity Futures Trading Commission accused Wilson, 48, and his firm of manipulating markets and illegally earning $20 million along the way. Wilson is fighting the claims and has said he was simply buying an asset ahead of the market recognizing its true value. The case strikes at the heart of what can be a slippery definition of swaying markets -- the line between manipulation and shrewd trading. The crux of the civil case may come down to whether the CFTC can convince the court that Wilson and DRW took matters into their own hands, placing increasingly higher bids when the market didn’t move the way they wanted. In the case against Wilson, the commission’s lawyers are arguing they need only show that DRW “intended to affect market prices” to prove attempted manipulation.