Law360, New York ( April 20, 2015, 12:01 PM EDT) -- On April 16, 2015, U.S. District Judge Harry D. Leinenweber in Chicago ruled, in the first criminal case of its kind, that the "spoofing" statute was not unconstitutionally vague, and that the spoofing and fraud indictment against futures trader Michael Coscia would not be dismissed.[1] In Part 1 of this article, we examine what guidance can be gleaned from what futures regulators have said about spoofing and what they have charged as spoofing. We focus on futures markets because the Coscia case and the Dodd-Frank statutory provision at issue there involve the futures markets, but enforcement actions concerning similar trading conduct in securities markets is discussed as context. Then we break down the allegations in the Coscia case, the legal arguments he made in his motion to dismiss his indictment, and the government's response....