Regulation

Commodities trader found guilty in ‘spoofing’ case

Michael Coscia faces up to 25 years in prison with sentencing scheduled for March 2017

Wednesday 4 November 2015 at 17:12

A Chicago jury found a New Jersey-based commodities trader guilty of 12 counts of fraud and manipulating the futures market on November 3 in a major win for government prosecutors seeking to crack down on illegal trading tactics.

It was the first criminal case against a trader who used a bluffing strategy called spoofing, which has come under an increased focus this year from regulators and law enforcement.