Feds Sharpen Spoofing Claim Against Ex-Merrill Lynch Trader
Law360 (November 16, 2020, 4:23 PM EST) -- Illinois federal prosecutors have narrowed a criminal spoofing case against one of two former Merrill Lynch traders accused of manipulating the precious metals market, filing a new indictment that focuses on a single transaction after a judge dismissed a broader charge last month.
Friday's filing comes after U.S. District Judge John Z. Lee threw out the sole spoofing charge in the government's 20-count indictment against Edward Bases and John Pacilio in mid-October, ruling that prosecutors couldn't charge Pacilio with a scheme offense covering several trading episodes over a period of time because the federal anti-spoofing statute doesn't include the term "scheme."
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