Chicago, IL – Yumin Listole has been ordered to pay over $1.2 million in restitution and penalties for a fraudulent scheme involving commodity futures trading, according to a ruling by the U.S. District Court for the Northern District of Illinois. The judgment, issued December 9, 2016, follows a complaint filed by the Commodity Futures Trading Commission (CFTC) in July 2015.
The court found that Listole illicitly transferred over $300,000 from her former employer’s trading account to an account controlled by Kering Capital Ltd., a British Virgin Islands company owned by her mother. The scheme involved prearranged, non-competitive trades on the CME Group Inc.’s electronic trading platform, designed to appear as legitimate market activity while circumventing risk and directing funds to Kering.
Specifically, Listole executed six such transactions between March 17 and May 6, 2015, concentrating trading in illiquid Eurodollar contracts during off-peak hours. The court determined that Listole acted without authorization from her employer and that Kering was vicariously liable for her actions. The $1.2 million penalty represents three times the unlawful gains realized by the defendants.
Following the discovery of the fraudulent activity, Listole reportedly fled the United States. The court rejected Listole’s argument that alleged mistreatment by her employer justified her actions, stating that her belief she was owed compensation did not excuse the theft. Judge Sara L. Ellis emphasized that Listole’s actions “undermined public confidence in the commodities markets” and that the harm caused was significant beyond the monetary loss.
In addition to the financial penalties, Listole is prohibited from trading in commodity futures markets for five years. Kering Capital Ltd. is barred from allowing Listole access to its trading accounts and from seeking her trading advice for the same duration. Both Listole and Kering are permanently enjoined from further violations of the Commodity Exchange Act. The CFTC acknowledged the assistance of the CME Group Inc. in the investigation.
Source: CFTC.gov
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