'Spoofing'—the New Frontier For Criminal Prosecution?

December 2, 2015  |  New York Law Journal

Even without its catchy name, the relatively new crime of “spoofing” would seem to appeal to prosecutors seeking to tap into the populist desire for prison time for perceived financial chicanery and the view that high-speed trading has rigged the markets against regular participants. Not surprisingly, therefore, the conviction last month in United States v. Coscia, the first criminal trial on spoofing charges, has generated a good deal of attention. In this article, we discuss the Coscia trial and what it portends for future prosecutions in the realm of market manipulation.

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