The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Kevin Crepeau, of Chicago, Illinois, a trader at a proprietary trading firm, for engaging in spoofing in the Chicago Mercantile Exchange (CME) soybean futures markets.
Jiongsheng (‘Jim’) Zhao, 31, of Sydney, Australia, pleaded guilty before U.S. District Judge John J. Tharp Jr. of the Northern District of Illinois to one count of spoofing. Zhao was extradited to the United States on Nov. 16 and made his first court appearance on Nov. 19. Sentencing is scheduled for July 19, 2019, before Judge Tharp.
Big fraud allegations often mean big settlements will follow. But the settlements the Commodity Futures Trading Commission reached with former MF Global CEO Jon Corzine in early January and Igor Oystacher and his Chicago firm, 3Red Trading LLC, in December were surprisingly puny.
The US Department of Justice announced that two former Deutsche Bank traders have been charged with “manipulative trading practices in the commodities markets.” The US DOJ made the announcement in …