Ex-Merrill Lynch Trader Wants Spoofing Scheme Charge Axed

Law360 (March 26, 2020, 9:19 PM EDT) -- A former Merrill Lynch trader argued Wednesday that he shouldn't have to face federal prosecutors' charge that he participated in a years-long scheme to spoof the precious metals market, saying the charge is unconstitutionally vague and unauthorized by law.

The Commodity Exchange Act's anti-spoofing provision limits prosecutors to base spoofing charges on particular trading, practice or conduct and "does not permit the government to prosecute a substantive count of spoofing as a scheme," ex-trader John Pacilio argued in Illinois federal court in urging U.S. District Judge John Lee to toss count 20 from the government's case against him. He also argued...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!