DOJ seeks to finalize restitution in case against Australian futures trader accused of spoofing

Maria Nikolova

The government has calculated that Jiongsheng (“Jim”) Zhao’s unlawful trading activity resulted in approximately $464,000 in losses to market participants.

Shortly after Jiongsheng (“Jim”) Zhao, an Australian trader accused of spoofing, was sentenced to time served, the United States Department of Justice (DOJ) has submitted a document at the Illinois Northern District Court seeking to finalize restitution in this case.

Let’s recall that, in December 2018, Zhao pleaded guilty to a one-count information charging him with spoofing. In his plea agreement, inter alia, Zhao agreed to the payment of restitution, and the government has calculated that Zhao’s unlawful trading activity resulted in approximately $464,000 in losses to market participants.

On January 21, 2020, the US government entered into a deferred prosecution agreement (DPA) with Zhao’s former employer, Propex Derivatives Pty Ltd, to resolve criminal charges related Zhao’s unlawful trading activity. As part of the DPA, inter alia, Propex agreed to pay a victim compensation amount of $464,300 on or before February 11, 2020.

The DOJ confirms that, on February 6, 2020, Propex wired the $464,300 victim compensation payment under the DPA to an account administered by the government.

In the document filed with the Court on February 7, 2020, the government notifies the Court that Propex has made its victim compensation payment pursuant to the DPA, and the government respectfully requests that the Court enter an order stating that no restitution is ordered in this case because defendant’s restitution obligation has been satisfied in full by Propex’s payment.

The government has conferred with counsel for the defendant and he does not oppose the government’s motion for finalizing restitution.

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