Michael Coscia was charged with developing and implementing a high-frequency trading strategy that allowed him to enter and cancel large-volume orders in a matter of milliseconds. This strategy moved prices in the market in such a way that Coscia was able to purchase contracts at lower prices, or sell contracts at higher prices, than the prices available in the market before the large-volume orders were entered and canceled. Coscia would then repeat his strategy in the opposite direction, reselling the lowprice contracts he purchased at a high price, or buying back the high-price contracts he sold at a low price. The government alleges that Coscia implemented his strategy to create a false impression regarding the number of contracts available in the market and to fraudulently induce other market participants to react to the deceptive market information that he created. Coscia reaped approximately $1.5 million in profits as a result of the alleged scheme. Has Coscia violated the law? Explain.