High-Speed Trader Found Guilty In Landmark Spoofing Case
Law360, Chicago (November 3, 2015, 6:09 PM EST) -- A high-frequency trader who was accused of flooding the market with mass orders of commodities futures that he never intended to fulfill became the first person ever convicted of spoofing Tuesday when an Illinois federal jury returned a verdict of guilty on all twelve counts against him.
A trader who manipulated commodities futures markets with high-speed orders was convicted of spoofing Tuesday. (Credit: AP)
Michael Coscia was convicted of six counts of commodities fraud and six counts of spoofing after five hours of closing remarks and just over an hour of deliberation by a 12-person jury.
In October 2014, Coscia became...
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