How Chicago Became The Center Of A Spoofing Test Case

By Jessica Corso (July 21, 2016, 9:15 PM EDT) -- While the rapid-fire nature of modern-day trading can make the commodities industry difficult to prosecute, that hasn't stopped the U.S. Attorney's Office in Chicago from taking aim at high-frequency trading, as the recent first-of-its-kind conviction in a "spoofing" case demonstrates.

Following the July 13 sentencing of Michael Coscia, convicted in November of engaging in the market manipulation tactic known as spoofing, U.S. Attorney Zach Fardon told reporters his office was dedicated to prosecuting wrongdoing on the nation's futures exchanges.

The Chicago branch of the U.S. Department of Justice may have "precious few resources," but it has chosen to dedicate them toward the...

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