A trader who engaged in spoofing during extended trading hours has settled enforcement allegations from the U.S. Securities and Exchange Commission (SEC). The regulator filed settled charges against a Las Vegas-based trader, Frank Cerisano Jr., for allegedly carrying out a market manipulation scheme over four years, generating over US$1 million in ill-gotten gains. In its complaint, the SEC alleged that between May 2021 and April 2025, Cerisano, engaged in a spoofing scheme that was carried out during extended hours when market volume tends to be lower than during the normal trading day. Additionally, it alleged that the scheme used accounts at multiple broker-dealers, which prevented brokers from detecting the illegal activity. He was also banned from trading for five years.