Former Deutsche Bank Traders Convicted Of Fraud For Spoofing Precious Metals Between 2008 And 2013

Featured Story

Former Deutsche Bank AG traders Cedric Chanu and James Vorley were convicted for manipulating gold and silver prices on Friday after three days of deliberation by a Federal jury in Chicago.

The two were accused of making fake trade orders between 2008 and 2013 to influence the prices of precious metals. Their trial was a week long and was the first of its kind since 2010, according to Bloomberg

The convictions come as the result of a crackdown on “spoofing”, placing orders with no intention of executing them, in order to move the price of the underlying product. Spoofing works by fooling the market into thinking there are more bids or offers than are legitimately there. It has been illegal since 2010’s Dodd-Frank act.

Chanu and Vorley were said to have “weaponized” this tactic to mislead other traders, according to prosecutor Brian Young. The traders knew what they were doing, the prosecution argued, with Vorley even writing in a message to Chanu at one point: “This spoofing is annoying me. It’s illegal for a start.”

A co-worker at Deutsche Bank acted as witness during the trial and told the jury that Chanu and Vorley taught him how to manipulate prices by spoofing. The defendants didn’t call any witnesses but instead raised the issue of how difficult it was to try and prove criminal intent for “spoofing” in competitive global markets. 

“If you fake a pass and run the ball, that’s competition, not fraud,” Vorley’s lawyer said. 

Chanu was convicted on seven counts of fraud and Vorley was convicted of three counts. They were found not guilty on charges of conspiracy. The government has said they are going to seek about four or five years of jail for each person. Vorley said he will appeal and that he was trading “well within the law”.

Vorley’s lawyer said: “It was a compromise verdict by a jury that three times declared it was deadlocked, deliberating in the face of a Covid scare. The record is clear there was no fraud. The compromise conviction will not stand.”

Receive a daily recap featuring a curated list of must-read stories.

Chanu’s attorney said he was “gratified that the jury unanimously acquitted Cedric on the conspiracy and other charges, and we intend to continue the fight as to the remaining charges.”

Source: ZeroHedge

StevieRay Hansen
Editor, BankstersCrime

God often uses men who are not of the best moral character. Pharaoh, Nebuchadnezzar, Cyrus, Herod, and Trump (amongst others), to accomplish His will in events He orchestrates during human history. We either trust the sovereignty of God or we don’t. Nothing happens apart from Him…

The best index to a person’s character is how he treats people who can’t do him any good, and how he treats people who can’t fight back…

The Birth Pains Are Growing Stronger….

One of the signs of ruling class collapse is when they can no longer enforce the rules that maintain them as a ruling class. When the Romans started making exceptions to republican governance, it was a matter of time before someone simply decided the rules no longer applied to them. Perhaps the robot historians will consider Obama our Marius or Sulla. Maybe that person is in the near future. Either way, the rule of law is over and what comes next is the rule of men.

“Don’t piss down my back and tell me it’s raining.” Outlaw Josey Wales

WE NOW LIVE IN A WORLD THAT IS PURE FABRICATION

BanksterCrime

Don't Miss

Crime Pays: Goldman Strikes $2BN Deal With DoJ To Avoid All Charges Tied To 1MDB

By StevieRay Hansen

Goldman Sachs is reportedly on the cusp of settling one of the biggest criminal cases involving a Wall Street bank since the financial crisis: According…

Read More

Futures Jump Ahead Of Tuesday Stimulus Deadline

By StevieRay Hansen

Bulls will breathe a sigh of relief that on the 33-year-anniversary of Black Monday (when the Dow dropped 22.6% on this day in 1987) futures…

Read More

This Is Not Sustainable, Were Watching What the World Is Now Calling the Great Reset

By StevieRay Hansen

(Reality–New World Order Pukes ) Our President Knows the End Is Near With the Current Financial Apparatus… The U.S. government spent more than $3.13 trillion…

Read More

Banks Are In Trouble: Wells Tumbles As Revenues Plunge, NIM Hits Record Low, Warns On Payment Deferrals

By StevieRay Hansen

If there is one constant during earnings season, it is that no matter what the other banks do, Wells Fargo will always shit the bed,…

Read More

No Stimulus, No Problem: One Bank Sees “No Armageddon” Without A New Stimulus Deal

By StevieRay Hansen

In recent weeks, many have opined – this website included  – that with the US economy careening into a double dip recession (or perhaps depression), it is…

Read More

The Pandora’s Box Of Fed’s Digital Currency Will Ignite An “Inflationary Conflagration”

By StevieRay Hansen

We most recently described the Fed’s stealthy plan to deposit digital dollars to “each American” during the next crisis as a unprecedented monetary overhaul, but…

Read More

Citigroup Hit With $400 Million Fine Over AML Failures That Led To Mike Corbat’s Downfall

By StevieRay Hansen

The Comptroller of the Currency has finally handed down its punishment for the compliance failures that helped bring about an end to the tenure of…

Read More

World’s Top Oil Trader Is Now A Used Car Salesman

By StevieRay Hansen

Vitol Group, the world’s largest independent oil-trading firm, has been startled by the prospects of peak oil demand as it must diversify operations today to…

Read More

De-Dollarization Trend Remains Intact

By StevieRay Hansen

Global de-dollarization resumed in the second quarter according to data recently released by the International Monetary Fund (IMF). While the dollar share of global reserves increased in the…

Read More

The SEC Is Making Deutsche’s CEO Personally Responsible For Bank’s Crimes

By StevieRay Hansen

Since launching its last major international expansion push in the late 1990s, Deutsche Bank has become knonw – particularly over the last ten years –…

Read More

StevieRay Hansen

Leave a Comment