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US high-frequency trader convicted in first US 'spoofing' case

Discussion in 'Market News' started by Lily, Nov 4, 2015.

  1. Lily

    Lily Forum Member

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    Michael Coscia convicted of six counts of commodities fraud and six of ‘spoofing’ in first criminal prosecution of banned trading practice

    A jury has convicted a high-frequency trader of commodities fraud and “spoofing”, in the US government’s first criminal prosecution of the banned trading practice.

    The verdict in the trial of Michael Coscia, owner of New Jersey-based Panther Energy Trading, may prompt prosecutors to pursue market manipulation cases and spur some high-speed traders to review their strategies, in which orders are sometimes executed or canceled within milliseconds after they are entered.

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