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High Frequency Trading Dodd-Frank Wall Street Reform and Consumer Protection Act Spoofing

A&O Shearman

Seventh Circuit Upholds First Spoofing Conviction Against High-Frequency Trader

A&O Shearman on

On August 7, 2017, the Seventh Circuit upheld the conviction of Michael Coscia, founder of Panther Energy Trading LLC, for a market manipulation tactic known as “spoofing,” under Section 6c(a)(5)(C) and 13(a)(2) of the...more

Eversheds Sutherland (US) LLP

Seventh Circuit Upholds First-Ever “Spoofing” Conviction

On August 8, 2017, a three-judge panel of the US Court of Appeals for the Seventh Circuit unanimously upheld the first-ever criminal conviction of a New Jersey futures trader for the manipulative trading practice known as...more

Pillsbury Winthrop Shaw Pittman LLP

Spoofing Is No Joke: Prosecutors Clamp Down on High-Frequency Traders

On November 3, 2015, an Illinois federal jury convicted Michael Coscia, a high-frequency commodities trader, of six counts of commodities fraud and six counts of spoofing—entering a buy or sell order with the intent to cancel...more

Proskauer - Corporate Defense and Disputes

CFTC Accuses Firm Manually Entering Orders Of Spoofing Scheme That Fooled Algorithmic Traders

Potentially abusive trading algorithms, such as algorithms that purportedly engage in “spoofing” or “layering” are the subject of considerable regulatory interest. However, in an interesting complaint filed on October 19,...more

Katten Muchin Rosenman LLP

Bridging the Week - October 2015 #2

SEC-Sanctioned Trader Began Alleged Spoofing After Complaining About Spoofing by Others to NYSE - Eric Oscher and Briargate Trading, LLC, a company 50 percent owned by Mr. Oscher, agreed to pay an aggregate fine of US...more

Katten Muchin Rosenman LLP

Judge Declines to Dismiss Spoofing Charges Against High Frequency Trader

On April 16, the US District Court for the Northern District of Illinois denied a motion to dismiss “spoofing” charges against Michael Coscia, a high-frequency commodities futures trader, finding that the indictment was...more

Ballard Spahr LLP

High-Speed Trader Indicted for ‘Spoofing’

Ballard Spahr LLP on

A federal grand jury in Chicago recently indicted high-frequency trader Michael J. Coscia for “spoofing,” making it the first criminal case ever brought under the Dodd-Frank Act’s rules against disruptive trading practices....more

Stinson - Corporate & Securities Law Blog

High Frequency Trader “Spoofs” And “Layers” His Way To Penalties From U.S And British Regulators

On July 22, 2013, regulators from the United States Commodity Futures Trading Commission (CFTC) and the British Financial Conduct Authority (FCA) fined high frequency trader Michael Coscia (and his firm Panther Energy...more

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