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Matt Levine

Spoofing, Brexit and Fake Biofuel

Also prediction markets, blockchains, buybacks and bond trading platforms.


"Michael Coscia, the first person convicted of spoofing after it was made a crime under the Dodd-Frank Act," was sentenced to three years in prison, less than the seven-plus years sought by prosecutors, though more than the probation sought by Coscia. What is the right sentence for spoofing? How would you go about answering that? My starting point is that, in an age of mass incarceration in which the U.S. has 22 percent of the world's prisoners, we probably shouldn't put anyone in prison for a first-time nonviolent crime, but obviously I am in a tiny minority on that one. The judge chose to base his answer on the g-word: