A federal appeals court in Chicago has rejected a commodity trader’s attempt to throw out his conviction for “spoofing,” an illegal process whereby traders use preprogrammed algorithms to automatically buy and sell a commodity in order to manipulate its price.
In a recent ruling, the U.S. Court of Appeals for the Seventh Circuit disagreed with convicted trader Michael Coscia’s argument that the anti-spoofing statues were “unconstitutionally vague.”
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