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Traders Spoofed Market To Rip Off Others, Ill. Jury Hears
Law360 (July 20, 2021, 8:37 PM EDT) Two former Merrill Lynch traders manipulated the precious metals market using a scheme to fake the impression of market supply and demand to execute genuine trades at more favorable prices and rip off other traders in the market, prosecutors told an Illinois federal jury as a trial opened Tuesday.
During opening trial statements before U.S. District Judge John Lee, the U.S. government told the jury that traders Edward Bases and John Pacilio took the golden rule to buy low and sell high and turned that rule on its head by placing fake futures orders that gave other market participants a false.
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The longtime chief of staff to former Illinois House Speaker Michael Madigan pleaded not guilty Friday to lying under oath to a federal grand jury that was investigating a bribery scheme involving electric utility Commonwealth Edison.
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A lawyer for a Hillside man charged in a long-running Chicago terrorism case
told a judge Friday he wants to talk to his client about withdrawing the unusual guilty plea he entered in 2018, potentially adding another chapter to the lengthy legal odyssey.
Adel Daoud, now 27, had been sentenced in 2019 to 16 years in prison by U.S. District Judge Sharon Johnson Coleman for trying to set off what turned out to be an inert 1,000-pound car bomb outside a downtown Chicago bar in 2012. The feds say he also tried to have an undercover federal agent killed and later attacked a fellow inmate in jail.