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By PTI
WASHINGTON: Two Americans of Indian origin plead guilty to charges of $ 60 million in merchandise fraud and parody conspiracy in New York and Chicago, announced Tuesday federal prosecutors.
Krishna Mohan, 33, of New York, pleaded guilty today under a charge while Kamaldeep Gandhi, 36, of Chicago, was guilty of two counts. conspiracy to commit wire frauds, commodities and identity theft,
Sentences are provided for Mohan and Gandhi. a Texas court on February 28 and 22, respectively.
Gandhi and Mohan, accused of recognizing their guilt, admitted that they had conspired of Yuchun "Bruce" Mao and others at the first cabinet, from March 2012 to March 2014. ( Trading Company A) to mislead the E-Mini S & P 500 and E-Mini NASDAQ 100 Futures markets traded on the Chicago Mercantile Exchange (CME) and E-Mini Dow Futures traded on the CBOT, Department of Justice said.
They fur they admitted that themselves and their co-conspirators had spent thousands of orders that they had not intended to perform, or of "fictitious orders", in order to obtain the execution of other orders, or "primary orders", at better prices, quantities and / or prices.
Gandhi and Mohan also admitted that the United States had calculated that the scheme had resulted in market losses of more than $ 60 million, the ministry said.
In addition, Gandhi admitted that from May 2014 to October 2014, while he was employed by the second company (Trading Company B), he had conspired with others to mislead the E-Mini S & P 500 futures markets traded on the CME. by agreeing to pbad, and by itself, hundreds of spoof orders for E-Mini S & P 500 futures contracts to create the false and misleading appearance of an increase in the number of orders. supply or demand, said the Ministry of Justice.
Gandhi admitted that the United States had calculated t The regime has resulted in market losses of over 1.3 million USD, he added.
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