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Chicago feds crack down on high-speed trading

from Crain's Chicago Business

Federal regulators in Chicago raised the stakes for high-speed traders, with the first criminal indictment for “spoofing.” The U.S. Attorney's Office in Chicago indicted New Jersey-based Panther Energy Trading LLC owner Michael Coscia on 12 counts of fraudulent and manipulative trading, alleging that he profited illegally from an ultra-fast scheme to place, but then rapidly cancel, futures contract trades. The grand jury charges were filed in U.S. District Court for Northern Illinois. more

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