Two former Bank of America traders were convicted of rigging precious-metals prices by using an aggressive tactic known as spoofing
that can mislead traders into thinking supply and demand have changed, according to regulators and prosecutors. The mirage, which some traders and attorneys argue is lawful bluffing, can move prices in a direction desired by the spoofer, while causing their counterparties to lose money.
“The government is trying to take old conduct, that wasn’t against the law at the time, and turn it into a crime today,” David McGill, an attorney for Mr. Pacilio, said during opening arguments for the case. An attorney for Mr. Bases said the former trader and his lawyers “continue to believe that Ed is innocent and that his trading was permitted under the rules existing at the time and not fraudulent.” Lawyers for both men are expected to file post-trial motions challenging the outcome.
Prosecutors countered that spoofing was always equivalent to fraud because the law forbids intentionally deceptive conduct that aims to take money or property from others. The Justice Department called a former Bank of America trader, Harnaik Lakhan, to testify about the traders’ spoofing and say he learned how to do it from them.A pre-markets primer packed with news, trends and ideas. Plus, up-to-the-minute market data.
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