- Associated Press - Tuesday, November 3, 2015

CHICAGO (AP) - A high-frequency commodities trader has been found guilty of disrupting commodity futures prices to make $1.4 million.

A federal jury on Tuesday convicted Michael Coscia of fraud and spoofing.

The 53-year-old Coscia was accused of fraudulently earning money through the Chicago-based CME Group - the world’s largest operator of futures exchanges - and European futures markets in 2011.

Coscia of Rumson, New Jersey artificially bumped up commodities prices by placing orders that he cancelled within milliseconds.

Prosecutors painted Coscia as a con man who tricked rivals by “making it look like something big was happening in the market.” But defense attorney Karen Patton Seymour said Coscia was a “stand-up guy” who had hit upon a clever way to beat far bigger, better-resourced rivals.

Judge Harry D. Leinenweber scheduled a sentencing hearing for March 17.



Click to Read More

Click to Hide