Three arrested for trading fraud in China

Three suspects have been arrested in China for allegedly manipulating futures markets using a software that led to huge losses amounting to million of dollars for many investors in the country.
"Yishidun," a foreign trade company founded in 2012, in China's eastern Jiangsu Province, caught the notice of authorities in July when they found fluctuations in the country's securities and futures markets that led to huge losses for many investors, the Ministry of Public Security announced in a statement.
The police have arrested three suspects, including the General Manager of the company, and is seeking to arrest more people overseas for pocketing huge funds by manipulating futures trades.

The company used a software developed by a foreign technical team to automatically buy and sell in huge quantities in prices far deviated from market standards and illegally pocketed over two billion yuan (USD 316 million) with this method, said Gao Yan, General Manager of the company.
Citing investigation results, the statement said that the accounts used by the company traded so fast that as many as 31 futures contracts were purchased in one second in June and July when the market experienced severe fluctuations, state-run Xinhua news agency reported.