New Jersey commodities trader Michael Coscia, used an algorithm to execute, and then cancel, milliseconds-fast orders to manipulate the market. He was sentenced to three years in prison for the trading tactic known as “spoofing.” Prosecutors said they hope the case will be a game-changer in the world of high frequency trading. Chicago Sun-Times
http://chicago.suntimes.com/news/commodities-trader-gets-36-month-sentence-for-spoofing-scheme/