Before climbing the heights of the high roller tournaments, Dan Shak was better known as a high rolling hedge fund manager. Recently, he was fined and partially banned from trading for something he allegedly did back in 2008. It’s a trading method insiders call “banging the close” where a trader floods the market to manipulate commodity prices in the final minutes of trading.
He’s accused of doing that back in 2008 to the oil markets and now, he’s been order to paying a hefty $400,000 fine and taking a multi-round penalty from trading particular futures, including a full on ban from trading crude oil markets.
Shak has yet to comment, but you can read all about his bad beat right here.