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Nowak and Smith face charges of racketeering conspiracy as well as conspiring to commit price manipulation, wire fraud, commodities fraud and spoofing; Ruffo has been charged with racketeering and conspiracy. All three men face years in prison if they are found guilty. David Meister, Nowak's defense attorney, said in his closing arguments that the government prosecutors relied on lousy evidence and dubious witnesses to support their theory that Nowak was a master crook.Spoofing is a type of manipulative trading where bids and offers are placed in the market and canceled before they can be filled. There is never any intention to fill these orders. The trades are made to provide a false sense of size on one side of the market or the other.
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