e U.S. attorney’s office is recommending futures trader Michael Coscia be sentenced to five to seven years in prison.
In November, Coscia, 54, was convicted on all 12 counts, six for fraud and six for “spoofing,” or the use of computer algorithms to rig markets in fractions of a second.
“This Court now has the opportunity to send a message, loud and clear, that our financial markets operate on principles of honesty and transparency, and do not allow a select few traders to profit in the trading markets through illegal bait and switch schemes at the expense of other traders,” U.S. Attorney Zachary Fardon wrote in a memo to the court this week.
Fardon’s recommendation is only a fraction of the total maximum sentence of 25 years for the fraud counts and a maximum of 10 years for the spoofing counts. Coscia has asked the court to give him probation.