Intent, in manipulation cases, means the purpose behind an order or statement rather than its effect. The anti-spoofing statute turns entirely on intent at the moment of placement, which is why these cases are proved by patterns and communications rather than by price data alone.
law and enforcement · updated 2026-09-08
See also
Scienter— Scienter is the mental state of intending to deceive, manipulate or defraud. It is a required element of a Rule 10b-5 claim, and i…
Bona fide order— A bona fide order is one placed with a genuine intention to trade if the market reaches it. The concept does most of the work in s…