CFTC spoofing crackdown poses compliance challenges

First conviction underscores concerns over "hard to define" crime

courtroom
Lawyers say the CFTC's definition of spoofing is vague

It's not often that someone accused of wrongdoing in the commodities markets goes to prison – especially for a crime that didn't exist just five years ago.

But that's the likely fate of Michael Coscia, the owner of Panther Energy Trading, a New Jersey-based proprietary trading firm, after a landmark court decision on November 3. Following a high-profile trial, a Chicago jury convicted Coscia of six counts of commodities fraud and six counts of 'spoofing' – a new type of crime, which only became

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: