Gov't Goes To Bat For High-Speed Traders In Spoofing Case
By Ed Beeson (October 8, 2014, 7:20 PM EDT) -- The first criminal case against a high-speed trader who allegedly duped the markets with bogus orders shows the U.S. government won't hesitate to take action against market manipulation, even when the victims are probably high-frequency traders themselves.
Last week, federal prosecutors accused Panther Energy Trading LLC and its principal Michael Coscia of spoofing the futures market with enormous buy or sell orders that were canceled almost instantaneously, all in a bid to win illegal profits by manipulating the price of futures contracts.
The case was the first exercise by criminal authorities to crack down on the deceptive trading practices made illegal by...
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