Australian trader pleads guilty to ‘spoofing’ in Chicago

CHICAGO (AP) — An Australian commodities trader has pleaded guilty in Chicago federal court to manipulating market prices by placing orders in the millions of dollars and canceling them within milliseconds to sell smaller orders at a profit.
Jiongsheng “Jim” Zhao pleaded guilty Wednesday to one count of spoofing. Prosecutors say the 31-year-old executed trades on the Chicago Mercantile Exchange online from Sydney.
His arrest in January was part of what the U.S. Justice Departme