A U.S. District Judge declared a mistrial after jurors were unable to reach a unanimous verdict concerning an alleged commodities spoofing scheme related to the 2010 Dow Jones "Flash Crash."
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The U.S. District Court for the Southern District of New York determined that the CFTC failed to prove that a Chicago trader and his firm had either manipulated or attempted to manipulate the price of certain interest rate swaps.
Two former commodities traders moved to dismiss an indictment, arguing that the government cannot prosecute spoofing under the wire fraud statute.
A three-judge panel of the U.S. Court of Appeals for the Seventh Circuit unanimously upheld the criminal conviction of a high-frequency trader for engaging in spoofing and commodities fraud in the futures markets.
The U.S. District Court for the Southern District of New York, Judge Analisa Torres, dismissed the CFTC's argument that it did not prove the intent to create an artificial price in order for it to establish a manipulation claim against an investment firm and the firm's CEO.