Poker player Dan Shak slapped on the wrist by the CFTC

slap wristReuters reported last week that the Commodity Futures Trading Commission (CFTC) has fined and suspended Dan Shak for two years for an offense known as “banging the close.” Banging the close is a term used to describe a trader flooding the market just before the closing bell according to the Reuters article. The infractions happened a few years back, when Shak was trading in oil markets.

Shak shrugged off the fine and “ban” on his Twitter account, where he basically told PokerListings.com, it wasn’t a ban, just a settlement:

@pokerlistings not banned called settled. Haven’t traded oil for over 5 years. No intention of running a fund again simple math #moretofight

Dan Shak’s rise to poker prominence

Dan Shak isn’t one of these longtime fixtures in the world of high-stakes poker, and he didn’t work his way up through the ranks in recent years. The 54 year-old Shak is a former hedge fund manager (a very successful one at that) who made millions trading commodities (notably gold and oil) before turning his eye to poker.

Shak shutdown his Hedge Fund SHK Management in 2011, and has been a regular in Super-High-Roller tournaments ever since.

Shak has racked-up some $5.7 million dollars in poker tournaments according to his Hendon Mob page, including a million-dollar score in 2010 when he won the $100k Super-High-Roller at the Aussie Millions. Shak also won the Party Poker Premier League VI in March of 2013, and finished second in the 2012 Super-High-Rolloer tournament at the 2012 PCA.

Beth Shak

You may also recognize the name thanks to his ex-wife Beth Shak, who has had a couple instances of 15-minutes-of-fame in the poker world herself. Although as many people have stated in the past (paraphrasing here), ‘Beth Shak is not a poker pro, but Dan Shak is.’

 

 

Relevant news