High-frequency trading — particularly the practice of “queue-jumping” —amounts to little more than cheating, former Wall Street insider Haim Bodek said Thursday in a CNBC exclusive television interview.

“I felt, I’m playing poker with a bunch of guys, and six months after I’m losing over and over and over, they say, ‘We’re cheating. Didn’t you know? Everyone knew.’ And my problem was after that, I thought that somehow, with my firm, that because I knew how these practices work, I could somehow trade around them. And I came to the conclusion that it is actually an unbeatable system right now,” he said on “Fast Money.”