Law360 (January 22, 2020, 6:51 PM EST) -- An Australian trading firm will pay a total of $1 million to resolve spoofing claims and avoid criminal prosecution over an alleged yearslong market manipulation scheme by one of its former traders, the U.S. Department of Justice and the Commodity Futures Trading Commission said Tuesday.
Propex Derivatives Pty. Ltd. entered into a deferred prosecution agreement with the DOJ admitting responsibility for the actions of former trader Jiongsheng Zhao, who prosecutors said manipulated the futures market on the Chicago Mercantile Exchange between 2012 and 2016.
Zhao placed thousands of large buy or sell orders for E-mini futures contracts on the CME, all...
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