Rumson Trader Indicted in Chicago for Commodities Fraud Totaling $1.5 Million in Profit

Prosecutors in Chicago have indicted a Rumson resident in commodities fraud for illegal orders he placed in 2011, according to NJ.com.

Michael Coscia, 52, allegedly made around $1.5 million by illegally placing orders through the Chicago-based CME Group and European futures markets, while manipulating commodities prices.

The U.S. Attorney’s Office in Chicago announced the indictment in the beginning of October, and state that the charges are the first of its kind under changes made to commodities laws in 2010.

Coscia is facing six counts of commodities fraud and six counts of spoofing, with a conviction for each fraud charge carrying a maximum sentence of 25 years in prison.

To read more, go to: www.nj.com/monmouth/index.ssf/2014/10/nj_trader_made_15m_by_manipulating_prices_feds_say.html