ML-Implode News - First U.S. Trader Convicted of â€˜Spoofing' Gets Three Years

The first U.S. trader to be convicted of using a bluffing tactic called "spoofing" after it was made illegal by the Dodd-Frank law was sentenced Wednesday to three years in prison... In November, a Chicago jury found him guilty of manipulating commodity futures prices in a scheme that yielded him $1.4 million.
The case against Mr. Coscia, head of futures trading firm Panther Energy Trading LLC, was the first criminal prosecution of a trader for spoofing after it was explicitly outlawed by the 2010 Dodd-Frank financial-overhaul law.
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A lawyer for Mr. Coscia, Stephen Senderowitz, said he plans to appeal the verdict on several issues, including whether the Dodd-Frank spoofing provisions are unconstitutionally vague, and plans to ask the court to allow Mr. Coscia to delay his prison term while the appeal is heard.

At his trial last fall, prosecutors in Chicago argued Mr. Coscia engaged in spoofing in markets for gold, soybean meal, soybean oil, high-grade copper and currency futures.

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First U.S. Trader Convicted of â€˜Spoofing' Gets Three Years