Spoofing

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Spoofing Back in the News — First Criminal Indictment for Spoofing; CFTC Settlement Lays Out Telltale Signs of Spoofing

Last week the government handed down its first criminal indictment for allegedly engaging in “spoofing” and the Commodity Futures Trading Commission settled with Eric Moncada for spoofing. Spoofing is a form of trading in...more

First Criminal Prosecution for Spoofing: High Frequency Trading Firm Owner Indicted in Northern District of Illinois

On October 2, 2014, the U.S. Attorney for the Northern District of Illinois announced the indictment of Michael Coscia, the owner of Panther Energy Trading (“Panther”), for six counts of commodities fraud and six counts of...more

High-Speed Trader Indicted for ‘Spoofing’

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

CME Group Adopts New Disruptive Trading Practices Rule

On August 28, the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange and Commodity Exchange, Inc. (Exchanges) notified the Commodity Futures Trading Commission that they have adopted a new Rule...more

Co-Owner of an Unregistered New Jersey Brokerage Firm Settles “Spoofing” Charges

The SEC filed a settled administrative proceeding against an owner of a New Jersey based brokerage firm for engaging in an illegal “layering” or “spoofing” scheme that resulted in unlawful profits of almost $1 million. See...more

SEC Settles Spoofing, Unregistered Broker Charges

High speed trading and its impact on the markets is the topic de jour. Author Michael Lewis claims the markets are “rigged,” a statement which no doubt will help sell his latest book centered on high speed trading. Now the...more

Protecting A Position By “Banging The Close” And “Spoofing” Will Be Penalized – The CFTC

On November 6, 2013, the Commodity Futures Trading Commission filed suit against Donald R. Wilson and his company, DRW Investments, for “banging the close” and “spoofing” the IDEX USD Three-Month Interest Rate Swap Futures...more

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

CFTC Exercises Disruptive Trading Authority for the First Time

By order dated July 22, 2013, the Commodity Futures Trading Commission (CFTC or Commission) settled charges against Panther Energy Trading LLC and its principal Michael Coscia for engaging in the disruptive trading practice...more

CFTC’s Final Rule On Disruptive Trading Clarifies Disruptive Trading Practices, Including That “Strobing” Is Prohibited “Spoofing”

The Commodity Futures Trading Commission’s (CFTC’s) final interpretative guidance and policy statement on disruptive trading clarifies various aspects of, but does not deviate significantly from, its proposed interpretive...more

FTC Remains Tough on ‘Robocalls’ with New Enforcement Case

Once again, the FTC has completed a major enforcement action against the illegal use of robocalls, a form of prerecorded, computerized telemarketing calls. This time, the action resulted in a $1.1 million civil penalty...more

CFTC Announces Second Spoofing Action Against Commodity Traders

The Commodity Futures Trading Commission (CFTC) recently announced its second enforcement action against a commodity trader for engaging in the manipulative scheme called “spoofing.” U.S. Commodity Futures Trading Commission...more

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