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Landmark Conviction of High Frequency Trader: Assessing the Impact

January 08, 2016

By Eric Sussman, Terra Reynolds, Christopher Allen, and Emily Seymore

On Nov. 3, 2015, a federal jury in Chicago handed down a landmark verdict in the first criminal prosecution under the ‘‘anti-spoofing’’ provision of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, finding the defendant, Michael Coscia, guilty on all counts. Given the heightened scrutiny on spoofing activities, market participants should be prepared to demonstrate how their activities mirror indisputably lawful conduct.