Counsel to a hedge fund engaged StoneTurn to assist in an SEC investigation of “spoofing,” a market manipulation scheme involving traders who make a high volume of “bid / pull” trades to inflate prices. We designed and developed procedures to review all buy, sell and offer transactions over a 30-month period, including hundreds of thousands of transactions. StoneTurn prepared models to identify potential spoofing cycles and determined the impact on the fund as a whole. In addition, our experts conducted analyses on allegations of artificial inflation of fund assets at quarter-end that was designed to boost fund values as reported to investors.