A note from US legal firm Crow & Cushing suggests that as well as the law on spoofing in financial markets being tougher than it was before, actually proving the offence is now potentially easier. The note compares the recently-upheld conviction of Michael Coscia for spoofing certain futures markets with the activities of what was known as The Radio Pool, a group of investors who artificially inflated the price of Radio Corporation of America (RCA) in the 1920s before selling out.
Tag: Michael Coscia
In what is being seen as a surprise move, Navinder Singh Sarao, the UK-based day trader accused by US authorities of spoofing markets and contributing to the May 2010 flash crash in US equities, has pleaded guilty in a US court appearance following his extradition from the UK.
Sarao, nicknamed the “hound of Hounslow” because he operated at times from a bedroom in his parents’ house in that London suburb, was extradited after being accused of making almost $40 million by entering large bids and offers against his intended trading direction on CME stock futures.
Convicted spoofer Michael Coscia has been sentenced to three years in jail by a US court – the first incarceration of its kind in the US. Coscia, head of proprietary trading firm Panther Energy, was convicted last year after he and the firm were banned and fined by the US Commodity Futures Trading Commission (CFTC) […]