CFTC spoofing crackdown poses compliance challenges
In the wake of the first criminal conviction in a spoofing case, US commodity traders and lawyers are concerned that the vagueness of the CFTC's rule is having a chilling effect on market participants
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
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