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« Swiss Pension Crisis – It’s Everywhere | Main | First Gold, Then Silver And Now…Platinum Manipulation Says Expert »
Thursday
Oct022014

High-Frequency Trader Indicted for Manipulating Commodities Futures Markets in First Federal Prosecution for Spoofing

Jim Sinclair

The following is a missive that we received from Jim Sinclair this morning, who is the host of a web site called Jim Sinclair's MineSet. This link will take to his site and his updates via email are free, so you have nothing to lose by signing up for them.

Here we go: 

My Dear Extended Family,

This is done every day in paper gold and silver and is the main tool of bearish manipulation. There may be some hope that payback is pending.

CHICAGO-In the first federal prosecution of its kind, a high-frequency trader was indicted for allegedly manipulating commodities futures prices and illegally profiting nearly $1.6 million as a result of trading orders he placed through CME Group and European futures markets in 2011. The defendant, Michael Coscia, was the manager and sole owner of the former Panther Energy Trading LLC, of Red Bank, N.J., which he formed in 2007.

Coscia, 52, of Rumson, N.J., a registered commodities trader since 1988, was charged with six counts of commodities fraud and six counts of "spoofing" in a 12-count indictment returned yesterday by a federal grand jury, Zachary T. Fardon, United States Attorney for the Northern District of Illinois, and Robert J. Holley, Special Agent-in-Charge of the Chicago Office of the Federal Bureau of Investigation, announced today.

The indictment marks the first federal prosecution nationwide under the anti-spoofing provision that was added to the Commodity Exchange Act by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

Read More...

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Reader Comments (1)

Drivel ! Even if true this person is small fry in the overall picture . We all know that it is the large bullion banks are the main manipulators and nobody will do anything about it

October 3, 2014 | Unregistered Commentersilver bug

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