Australian trader Jiongsheng Zhao pleads guilty to manipulating Chicago futures market, boosting prices with trades he cancelled milliseconds later

An Australian commodities trader has pleaded guilty in a US federal court in Chicago to manipulating market prices by placing orders in the millions of dollars, then cancelling them within milliseconds so that he could sell smaller orders at a profit.
Jiongsheng “Jim” Zhao pleaded guilty on Wednesday to one count of spoofing in a deal with prosecutors, who say that from 2012 to 2016, the 31-year-old executed trades on the Chicago Mercantile Exchange online from Sydney. Spoofing…