Last year, Dan Shak, the hedge-fund-manager-turned-professional-poker-player, gave up on his effort to take 35% of his ex-wife's $1 million footwear collection/stand-in for a neglectful lover. That $350K would have really come in handy today.
Shak has agreed to pony up $400,000 to settle charges that he manipulated some futures markets. And not for the time he dumped $850 million worth of gold contracts on the market just to see what happened, but for the unrelated two times he sold a ton of oil contracts in an (alleged!) bid to manipulate crude prices.
Without his share of the Louboutins, however, Shak's settlement money will have to come from his poker winnings ($5.7 million and counting!), especially since he won't be trading any regulated oil futures around here any time soon. Or ever.
Daniel Shak, 54, and his fund, SHK Management LLC, must pay a total of $400,000 in civil penalties for violating the Commodity Exchange Act, through a trading gambit known as "banging the close"….
Shak, who reportedly shut his hedge fund in 2011, was barred from trading in regulated crude oil markets again, and received a two-year ban from trading "outrights," or so-called "naked futures," in which a position is not put on as a hedge against risk during the close.