U.S. judges probe spoofing in convicted trader's appeal

A panel of U.S. appeals court judges sought answers on Thursday about how widespread spoofing is in U.S. financial markets and whether it represents an advancement in trading, as they considered whether to overturn the nation's first criminal conviction for the banned practice. Three judges of the U.S. Court of Appeals for the Seventh Circuit, in Chicago, heard arguments from a lawyer for trader Michael Coscia, who is appealing convictions for spoofing and commodities fraud, and from a governmen