Coscia Guilty In Spoofing Trial As Prosecutors Look To Sarao

It took a jury in Chicago just one hour to convict Panther Trading founder Michael Coscia of 12 counts of fraud and “spoofing,” a move that is being heralded as a major victory for the U.S. Department of Justice in combating and deterring the illegal activity. Coscia guilty as computer programer tells of system designed to “pump up market” “A verdict delivered within an hour on twelve counts demonstrates that the jurors had no reasonable doubts amongst them,” observed Trace Schmeltz, co-chair of law firm Barnes & Thornburg’s  Financial and Regulatory Litigation Group in Chicago Coscia profited to the tune of $1.4 million…