January 21, 2020

Australian proprietary trading firm Propex Derivatives Pty Ltd has been ordered to pay $1 million and submit to a deferred prosecution agreement after a former trader, Jiongsheng (Jim) Zhao, was found to have engaged in spoofing on the Chicago Mercantile Exchange E-mini S&P 500 futures market.  His actions caused about $464,300 in market losses over the course of the five year scheme.  CFTC; DOJ

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets,