Spoofing Defendant Coscia Takes Stand as Prosecution Rests

Michael Coscia began testifying in his own defense in the first-ever “spoofing” prosecution, in which he is charged with making $1.4 million by illegally playing both sides of the market.

Coscia, the head of Panther Energy Trading LLC, is accused of placing small orders followed by large ones on the other side of a trade -- and then canceling the big ones. It will be the first time jurors are asked to apply a provision of the 2010 Dodd-Frank Act making the practice illegal.

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