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In the Courts
Seventh Circuit Upholds Spoofing Conviction
The first trader charged and convicted under Dodd-Frank's anti-”spoofing” provision lost his appeal at the U.S. Court of Appeals for the Seventh Circuit on Aug. 7. Michael Coscia, 54, was convicted by an Illinois federal jury in November 2015 on six counts of spoofing and six counts of commodities fraud. He was sentenced to three years in prison for perpetrating the bait-and-switch scheme. The Seventh Circuit upheld Coscia's conviction and rejected his arguments against the constitutionality of the anti-spoofing provision.
Spoofing is a method of manipulating future markets by placing large, fake orders intended to deceive other traders into thinking supply or demand for a given commodity has changed. The deception influences prices in a way that benefits smaller, real orders placed by the spoofing trader on the opposite side of the market. Once the price has moved in the direction he wants, the trader cancels the large orders before they can be filled and takes the profits on his smaller orders. The practice was first outlawed by the Dodd-Frank act in 2010 and carries a maximum sentence of 10 years in prison.
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