U.S. Alleges Futures-Spoofing by Three Commodities Traders
- Two to plead guilty to market manipulation in Houston
- U.S. has been cracking down in deceptive trading tactics
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Three commodities traders were charged by the U.S. Justice Department with orchestrating a $60 million fraud that involved spoofing and conspiring to manipulate futures contracts, according to prosecutors and court filings in Houston.
Yuchun “Bruce” Mao, a 39-year-old Chinese national, is accused of working with two other traders at his firm in a scheme to rig the purchase and sale of futures contracts on the Chicago Mercantile Exchange and the Chicago Board of Trade, according to an indictment made public on Friday. A bench warrant for Mao’s arrest was issued Wednesday by a federal judge, according to court documents.