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High-frequency trader convicted in first U.S. spoofing case
November 3, 2015 / 11:02 PM / 2 years ago

High-frequency trader convicted in first U.S. spoofing case

CHICAGO, Nov 3 (Reuters) - A U.S. jury on Tuesday found high-frequency trader Michael Coscia guilty of commodities fraud and spoofing in the U.S. government’s first criminal prosecution of the manipulative trading practice.

Coscia, owner of New Jersey-based Panther Energy Trading, was accused of entering large orders into futures markets in 2011 that he never intended to execute. His goal, prosecutors said, was to lure other traders to markets by creating an illusion of demand so that he could make money on smaller trades, a practice known as spoofing. (Reporting by Tom Polansek; Editing by David Gregorio)

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