Trader Charged With Spoofing Market Loses Dismissal Bid
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The first high-speed trader charged with a method of market manipulation known as spoofing lost a bid to dismiss the case based on an argument the new law is too vague to be enforced.
Michael Coscia was indicted last year under a federal statute tied to the 2010 Dodd-Frank financial industry reform legislation. He was charged with six counts of spoofing -- the entering of buy and sell orders on a commodity exchange with the specific intent to cancel those orders before they’re filled.