U.S. v. Coscia

Record contained sufficient evidence to support defendant’s conviction for violating “anti-spoofing” provision of Commodity Exchange Act arising out of defendant’s actions in utilizing computer program designed to place small and large orders simultaneously on opposite sides of commodities market in order to induce illusory and artificial market movement either upward or downward for purposes of moving market towards target price of order defendant wanted to execute. Govt. produced expert, who explained that nature and timing of defendant’s large orders were designed specifically to avoid being filled, such that jury could properly find that defendant placed such orders with present intent to cancel either bids or offers prior to their execution. Ct. additionally rejected defendant’s claim that anti-spoofing statute was unconstitutionally vague, where statute provided definition of spoofing as “bidding or offering with intent to cancel the bid or offer before execution,” and where defendant’s charged conduct fell within said definition.