美國首現交易員因誘騙被定罪
A US trader has become the first to be found guilty of “spoofing” some of the world’s largest commodity futures markets in a landmark criminal case for authorities attempting to clamp down on deceptive trading driven by computers.
一名美國交易員成爲因在全球一些最大的大宗期貨商品市場上實施“誘騙”而被定罪的第一人。這是美國當局試圖打壓通過計算機執行欺騙性交易的一個里程碑式案件。
A jury in Chicago on Tuesday found Michael Coscia, 53, guilty on 12 counts, including intending to defraud other traders by flooding gold, corn, soyabeans, foreign exchange and crude oil futures markets with small orders with the intent of cancelling them.
週二，芝加哥一個陪審團裁定，今年53歲的邁克爾科夏(Michael Coscia)被指控的12項罪名成立，其中包括在黃金、玉米、大豆、外匯和原油的期貨市場投下打算隨後取消的海量小額訂單，藉以欺騙其他交易員。
The criminal case was a test of authorities’ attempts to stamp out computer-driven misleading trading on the some of the world’s most active markets.
這起刑事案是對美國當局的一次檢驗，看看他們在打擊全球一些最活躍市場裏以計算機驅動的誤導性交易方面表現得如何。
Spoofing is rapidly placing orders with the intent to cancel them before they trade in order to trick other investors by creating the illusion of demand. While long prohibited by authorities and exchanges, it was explicitly banned under the US Dodd-Frank financial reforms of 2010.
誘騙是指快速投下打算在交易執行前取消的訂單，通過創造需求幻像來欺騙其他投資者。儘管這一做法長期以來被當局和交易所禁止，但是2010年的多德-弗蘭克(Dodd-Frank)金融改革才明令取締。
The tactic has risen to prominence in futures markets with the emergence of electronic trading that has taken the place of face-to-face trading.
隨着電子化交易的出現取代了面對面交易，這一策略在期貨市場已成爲了主流。
Coscia faces a maximum sentence of 25 years and a $25,000 fine on each of the six counts of commodities fraud and 10 years and a $1m fine on each of the six counts of spoofing. Judge Harry Leinenweber set sentencing for March next year.
在6項大宗商品欺詐罪名的每一項上，科夏都面臨最高25年監禁和2.5萬美元罰款，在6項誘騙罪名的每一項上，他面臨着10年監禁和100萬美元罰款。法官哈里萊寧韋伯(Harry Leinenweber)定於明年3月宣判。
“We’re disappointed by the verdict,” said Mr Coscia’s lawyer Steven Peikin of Sullivan and Cromwell. “We believe this case presents many novel and complex issues, and Mr Coscia intends to pursue all of his legal options.”
“我們對上述罪名感到失望，”科夏的律師、蘇利文與克倫威爾律師事務所(Sullivan & Cromwell)的史蒂文槧金(Steven Peikin)說，“我們認爲，這個案子提出了許多新鮮、複雜的問題，科夏先生打算使用所有的法律途徑。”
The jury deliberated for about one hour before reaching a verdict after a seven-day trial.
經過7天的庭審，陪審團在商議約1小時之後做出了有罪認定。
Federal prosecutors alleged Mr Coscia made $1.4m in three months of 2011 at Panther Energy Trading with an algorithm custom-designed to spoof designed to “bait and switch” investors.
聯邦檢察官指控稱，2011年，科夏在Panther Energy Trading使用一種專門設計的、用來對投資者進行“上鉤掉包”的算法，在3個月內賺到140萬美元。
Prosecutors alleged that on occasion, Mr Coscia’s Panther Trading was the largest participant in the market in spite of only having seven traders.
檢察官們稱，有時科夏旗下的Panther Trading是市場上最大的參與者，儘管該公司總共只有7名交易員。
Mr Coscia’s attorneys argued the law under which he was charged was hopelessly vague.
科夏的辯護律師辯稱，指控他時依據的法律在規定上極其含糊不清。
