Chicago futures trader Thomas Lindstrom pleaded guilty to federal charges stemming from a $13 million fraud that led to the collapse of his firm, the U.S. said.
Federal prosecutors in Chicago said Lindstrom admitted on Jan. 24 that he used out-of-the-money options on 10-year Treasury futures to make it appear that his trading at Chicago-based Rock Capital Markets LLC was profitable, boosting his pay by $285,000.
“Lindstrom concealed the scheme by telling Rock Capital’s owner that the options were profitable, when in reality Lindstrom’s trading was causing substantial losses,” prosecutors said in a news release.
The case is United States v. Lindstrom, N.D. Ill., No. 1-16-cr-00631, guilty plea 1/24/18
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