Two former Deutsche Bank employees were charged with fraudulent and manipulative trading involving precious metals futures contracts through a practice known as spoofing as a federal probe on illegal market practices continues to widen.
Bloomberg News reports that James Vorley, 38, of the U.K., and Cedric Chanu, 39, of France and the United Arab Emirates, were indicted Tuesday for conspiracy and wire fraud by a grand jury in Chicago.
The two men are accused of engaging in a multiyear scheme to defraud other traders on the Commodity Exchange Inc., a venue run by the Chicago Mercantile Exchange Group.
Prosecutors said they worked with another Deutsche Bank trader, David Liew, to place fraudulent orders that they didn’t intend to execute to create a false sense of supply and demand and induce other traders to enter into transactions they wouldn’t have otherwise made.
Hit the link below to access the complete Bloomberg News article: