ARNOLD F. SOCK, Attorney At Law Opines On: U.S. Supreme Court Won't Hear Challenge To Dodd-Frank 'Spoofing' Ban
The U.S. Supreme Court of the United States declined to hear a challenge to the Dodd-Frank Act's criminalizing of a commodities trading tactic known as "spoofing," or entering bogus orders that are meant to move the market, leaving intact a New Jersey trader’s three-year prison sentence.
The justices summarily denied Michael Coscia’s petition about his 2015 conviction under the Dodd-Frank Act’s anti-spoofing regime (U.S. Supreme Court Michael Coscia, Petitioner v. United States 17-1099)
The law bars traders from attempting to manipulate the commodities and futures markets by entering orders and immediately cancelling them before they can be executed upon.
No one should be allowed to manipulate the market by spoofing.
Opinion by ARNOLD F. SOCK, Attorney at Law