The Commodity Futures Trading Commission (CFTC) and trader Xie Dichao, accused of fraud, negotiated and reached an agreement。

On September 11, 2023, regulators and dealers filed a proposed consent order in Northern District Court in Illinois.。Under the terms of the order, the trader agreed to a permanent injunction and he must also pay 175,772..$40 civil penalty。After that, Xie agreed to pay the stolen money 175,772.$40。

The CFTC filed suit against Xie in March 2023。The complaint alleges that from December 2021 to March 2022, Xie was employed by a large multinational company ("Employer A") as a quantitative trader.。As a result of his duties, he has access to Employer A's options and futures positions and related orders to raise cattle.。

As an employee, the Trader has a duty and obligation to Employer A to act in the best interests of Employer A, to keep confidential material non-public information of Employer A, and not to steal such information for its own financial or personal gain.。

Despite these duties, Xie improperly used significant non-public information of Employer A on 71 occasions between December 15, 2021 and March 21, 2022 to deliberately or recklessly execute breeding cattle futures and options transactions through his personal trading account as an employer counterparty.。

These transactions generated a profit of $178,075 for the defendant。