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Seventh Circuit Upholds Spoofing Conviction
The first trader charged and convicted under Dodd-Frank's anti-”spoofing” provision lost his appeal at the U.S. Court of Appeals for the Seventh Circuit on Aug. 7. Michael Coscia, 54, was convicted by an Illinois federal jury in November 2015 on six counts of spoofing and six counts of commodities fraud. He was sentenced to three years in prison for perpetrating the bait-and-switch scheme. The Seventh Circuit upheld Coscia's conviction and rejected his arguments against the constitutionality of the anti-spoofing provision.
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