Manipulation is endemic in these institutions and I think they factor in a 'fall guy' well in advance. Without his knowledge of course.
I assume those that are charged with the crime of spoofing have to show they intended in advance to cancel orders. Allow me to play devils advocate in this situation. I play computer chess, and the program will automatically make decisions based on my moves. So if a crafty trader programs a computer, or some form of artificial intelligence high-frequency platform to automatically (make decisions) to cancel orders automatically due to market conditions, an enforcement regulation can call it spoofing? This spoofing regulation seems to work also as a disincentive strategy for genius level programmers who outsmart the market.
The purpose of Forbes’s “spoof orders” was to create a false appearance of market depth and activity in order to mislead other traders, and to artificially raise or depress the prevailing market price so that Forbes could execute his genuine orders more easily or more profitably. _________________________________________________ trading manipulated securities are my favorite. traders should focus on heavy activity / sudden surges in volume and price. enter just a few steps behind the manipulators. get out when there is price exhaustion. manipulators earned $$$. traders also earned $$$. and they thanked manipulators for creating trading opportunities. But only manipulators ended up in jail. those who entered late lose $$$. those who hold and hold and hold lose $$$ ultimately.