7th Circ. Weighs Future Of Spoofing Prosecutions

By Jessica Corso (November 10, 2016, 7:45 PM EST) -- A pair of judges on the Seventh Circuit indicated unease on Thursday with the government's explanation of a market manipulation tactic known as spoofing, asking a federal prosecutor defending a one-of-a-kind conviction how it was possible to single out bogus orders in a market that changes in the blink of an eye.

Three judges sat on the panel that heard oral arguments in the appeal of Michael Coscia, who in November 2015 became the first person ever convicted of spoofing, a crime created under the Dodd-Frank Act of 2010. The crime involves traders who place phony bids on futures exchanges in...

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