The US appeals court has upheld the conviction of Michael Coscia who was found guilty of market manipulation, receiving a custodial sentence last year (see here). An article on the appeal outcome can be found here on the Reuters web site. The conviction was for engaging in “spoofing” and “layering” in the commodity derivatives markets in the US. Coscia has also been fined by the UK’s FCA, as outlined in this notice, which contains a detailed description of the illegal practices engaged in.

The CFTC has also fined The Bank of Tokyo-Mitsubishi UFJ  (BTMU) for spoofing carried out by a client  on their platforms between 2009 and 2014, as reported here on the Value Walk web site. The fine is relatively small on the basis that BTMU reported the activity when it was discovered. The article also mentions that BTMU has since improved their surveillance capability.