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From Pits to Algos, an Old-School Trader Makes Leap to Spoofing

  • Michael Coscia's career spans open outcry to high frequency
  • Traded on paper or by fiber-optic cable, fraud is fraud
Michael Coscia on trial at the Dirksen U.S. Courthouse on Wednesday Oct. 28, 2015 in Chicago. Photographer: Nancy Stone/Chicago Tribune/TNS via Getty Images

Michael Coscia on trial at the Dirksen U.S. Courthouse on Wednesday Oct. 28, 2015 in Chicago. Photographer: Nancy Stone/Chicago Tribune/TNS via Getty Images

Michael Coscia is no one’s idea of a 21st-Century Wall Street wizard.

In many ways he’s a throwback -- a small-timer from Brooklyn who bootstrapped his way out and found the good life running a tiny firm near the Jersey Shore called Panther Energy Trading.