{"id":5491,"date":"2015-11-03T18:02:00","date_gmt":"2015-11-04T02:02:00","guid":{"rendered":"http:\/\/associatednews.info\/content\/trader-found-guilty-of-commodity-fraud-and-spoofing\/5491\/"},"modified":"2015-11-03T18:02:00","modified_gmt":"2015-11-04T02:02:00","slug":"trader-found-guilty-of-commodity-fraud-and-spoofing","status":"publish","type":"post","link":"https:\/\/associatednews.info\/content\/trader-found-guilty-of-commodity-fraud-and-spoofing\/","title":{"rendered":"Trader Found Guilty Of Commodity Fraud And 'Spoofing'"},"content":{"rendered":"

By Laura Wagner<\/a><\/span> <\/p>\n

In the U.S. government’s first criminal prosecution of the manipulative trading practice known as “spoofing,” high-frequency trader Michael Coscia was found guilty on Tuesday. He was also found guilty of commodity fraud.<\/p>\n

The practice of placing large orders to stimulate a market reaction, and then cancelling them while profiting off smaller orders is the manipulative trading practice called “spoofing.” It was banned under the Dodd Frank financial reforms<\/a>.<\/p>\n

NPR’s Sonari Glinton reports for the Newscast unit:<\/p>\n

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“Prosecutors say the goal was essentially to create the illusion that there was demand in a market. And then Coscia could make money off of small trades. … Coscia made about a million and half dollars on the scheme in three months, according to the government.<\/p>\n

“Coscia was convicted of six counts of commodities fraud and six counts of spoofing. He faces a maximum sentence of 210 years in jail and seven and a half million dollars in fines.”<\/p>\n<\/div>\n<\/blockquote>\n

Bloomberg reports<\/a> that one of Coscia’s lawyers “argued that high-frequency traders routinely canceled orders. He told the jury that Coscia’s trading strategy was unique but not illegal.”<\/p>\n

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org\/content-only\/faq.php#publishers.<\/em><\/p>\n

Source:: http:\/\/www.npr.org\/sections\/thetwo-way\/2015\/11\/03\/454392934\/trader-found-guilty-of-commodity-fraud-and-spoofing?utm_medium=RSS&utm_campaign=business<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In the U.S. government’s first criminal prosecution of the manipulative trading practice known as “spoofing,” high-frequency trader Michael Coscia was found guilty on Tuesday. He was also found guilty of commodity fraud.<\/p>\n

The practice of placing large orders to stimulate a market reaction, and then cancelling them while profiting off smaller orders is the manipulative trading practice called “spoofing.” It was banned under the Dodd Frank financial reforms<\/a>.<\/p>\n

NPR’s Sonari Glinton reports for the Newscast unit:<\/p>\n

\n
\n

“Prosecutors say the goal was essentially to create the illusion that there was demand in a market. And then Coscia could make money off of small trades. … Coscia made about a million and half dollars on the scheme in three months, according to the government.<\/p>\n

“Coscia was convicted of six counts of commodities fraud and six counts of spoofing. He faces a maximum sentence of 210 years in jail and seven and a half million dollars in fines.”<\/p>\n<\/div>\n<\/blockquote>\n

Bloomberg reports<\/a> that one of Coscia’s lawyers “argued that high-frequency traders routinely canceled orders. He told the jury that Coscia’s trading strategy was unique but not illegal.”<\/p>\n

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org\/content-only\/faq.php#publishers.<\/em><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-5491","post","type-post","status-publish","format-standard","hentry","category-business-2"],"_links":{"self":[{"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/posts\/5491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/comments?post=5491"}],"version-history":[{"count":0,"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/posts\/5491\/revisions"}],"wp:attachment":[{"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/media?parent=5491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/categories?post=5491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/associatednews.info\/content\/wp-json\/wp\/v2\/tags?post=5491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}