A US trader has become the first to be found guilty of “spoofing” some of the world’s largest commodity futures markets in a landmark criminal case for authorities attempting to clamp down on deceptive trading driven by computers.
A jury in Chicago on Tuesday found Michael Coscia, 53, guilty on 12 counts, including intending to defraud other traders by flooding gold, corn, soyabeans, foreign exchange and crude oil futures markets with small orders with the intent of cancelling them.
The criminal case was a test of authorities’ attempts to stamp out computer-driven misleading trading on the some of the world’s most active markets.
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