U.S. v. Smith

Defendants were found guilty of various crimes after they used their positions as precious metals futures traders to manipulate the market through an unlawful practice called “spoofing,” where they placed deceptive orders that they intended to cancel in order to push the market in a certain direction. Defendants raised various challenges to their convictions on appeal, including that there was not sufficient evidence to sustain their convictions and that the district court made errors in its evidentiary rulings. The Seventh Circuit found none of their arguments persuasive and affirmed. (EASTERBROOK and KOLAR, concurring)