By Clifford Histed and Gilbert Perales (August 11, 2017, 12:02 PM EDT) -- On Aug. 7, 2017, the United States Court of Appeals for the Seventh Circuit held, in the first criminal prosecution under the spoofing statute, that the statute was not unconstitutionally void for vagueness, that the evidence at trial was sufficient to sustain trader Michael Coscia's convictions for spoofing and fraud, and that the trial court did not err in computing Coscia's sentencing guideline range. Previously we have written about the spoofing statute and charges in this case,[1] and about Coscia's motion to dismiss the case before trial and the trial court's ruling on that motion.[2] In this article, we briefly discuss the trial, the parties' arguments before the Seventh Circuit, examine the court's recent opinion, and present takeaways for traders and those responsible for their conduct. It is now clear that the spoofing statute is here to stay, and that spoofing can be considered not only a regulatory violation, but, under certain circumstances, can be considered a criminal fraud....