First-Ever Spoofing Conviction Upheld By 7th Circ.

Law360, Chicago (August 7, 2017, 4:23 PM EDT) -- The Seventh Circuit on Monday upheld the first-ever conviction for a market manipulation tactic known as "spoofing," ruling against a New Jersey futures trader and becoming the first federal appellate court to provide guidance on the crime.

The appellate panel upheld the conviction of Michael Coscia, who became the first person to be charged and convicted of spoofing. Coscia used his algorithms on the Chicago Mercantile Exchange, shown in 2007, the panel said in its opinion. (AP) In a unanimous opinion, the appellate court denied Michael...
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