NEW YORK, April 11, 2024 (GLOBE NEWSWIRE) -- Daniel L. Shak today issued the following statement regarding his recently finalized settlement agreement with the U.S. Commodity Futures Trading Commission (“CFTC”). The agreement resolves the CFTC’s investigation into trading in the gold and silver futures market with no admission of wrongdoing by Mr. Shak:
"While I am confident I could have prevailed at trial, I have concluded the right decision for my family and me is to resolve this matter with no admission of wrongdoing and without the cost, delay, and distraction of protracted litigation. As part of finalizing the settlement, the CFTC required that I not deny their allegations, but I also do not admit them. I was an active trader making millions of trades per year, and the CFTC’s allegations relate to a small fraction of trades that allegedly occurred from 2015 to 2018. After 45 years as a member in good standing on the exchanges, and having retired nearly two years ago, now is the right time to put this matter behind me, pursue other opportunities, and avoid litigation costs that would far exceed the fine I am paying."
About Dan Shak
Daniel L. Shak founded SHK Asset Management, a firm that focused on investments in gold futures. He resides in Las Vegas, Nevada and has decades of experience as a hedge fund manager and commodities trader. Before founding SHK Asset Management in 2002, Mr. Shak served as a trader on the New York Mercantile and Commodities Exchange (COMEX). Mr. Shak is also a semi-professional poker player who has competed in numerous major poker tournaments around the world. Mr. Shak was the winner of the first “Ante Up for Africa” charity event at the 2007 World Series of Poker, and donated his prize money to charities supporting the humanitarian crisis in Darfur. In 2008, Mr. Shak co-founded the “All In” for Kids Poker Tournament, which has raised more than $3 million to benefit the Children’s Hospital of Philadelphia, in partnership with the World Poker Tour Foundation.
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