A former trader at Scotia Capital and Bear Stearns pleaded guilty Thursday to a federal crime and admitted manipulating precious metals markets for nine years — the latest in a series of crackdowns in the commodities markets by the Justice Department.

The trader, Corey Flaum, 41, of Mount Kisco, New York, is cooperating with an ongoing federal criminal investigation, officials said as they announced his guilty plea to one count of attempted commodities price manipulation in U.S. District Court in Brooklyn.

Flaum during his guilty plea admitted that from approximately June 2007 and July 2016 he "placed thousands of orders to manipulate the prices of gold, silver, platinum and palladium futures contracts," according to the Justice Department.

Flaum worked at Scotia Capital from 2010 to 2016, and the defunct investment bank Bear Stearns from 2006 to 2008, according to FINRA's BrokerCheck system. He is scheduled to be sentenced Oct. 29.

Scotia Capital declined to comment when contacted by CNBC. Flaum did not immediately respond to a request for comment.

Flaum was one of two former precious metals traders who separately Thursday agreed to settle regulatory charges filed by the Commodities Futures Trading Commission for a banned market manipulation strategy known as spoofing.

That strategy involves placing trade orders with the intent to cancel them before they can be executed. The goal of spoofing is to affect the price of the commodity and thus benefit a preexisting trading position.

The CFTC order notes that Flaum "and others at the Banks [where he had worked] engaged in manipulative and deceptive conduct by engaging in the practice of 'spoofing.'"

The other trader who settled with the CFTC on Thursday, former J.P. Morgan employee John Edmonds, pleaded guilty in federal court in Connecticut in October to crimes related to manipulating metals markets.

Edmonds, who has yet to be sentenced in his criminal case, and several other traders who likewise have pleaded guilty to spoofing-related crimes are also cooperating with federal prosecutors in ongoing probes of major banks.

In the past five years, federal prosecutors have lodged 11 spoofing cases against 15 defendants.