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Ex-Deutsche Traders Get Bail During Spoofing Appeal

ADVERTISEMENT Ex-Deutsche Traders Get Bail During Spoofing Appeal Law360 (July 30, 2021, 7:35 PM EDT) Two former Deutsche Bank gold and silver traders convicted of spoofing will stay out of jail as they appeal, with a Chicago federal judge ruling Thursday that the men s primary argument over a jury instruction may very well be decided in their favor by the Seventh Circuit. Cedric Chanu and James Vorley have each been sentenced to one year and one day over placement of fake orders for gold and silver futures, done in order to create a false impression of either supply or demand and thereby move prices in a direction favorable for their real orders.

Gold Trader s Chat Bragged About  How Easy It Is to Manipulate Prices

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Second Former Deutsche Bank Commodities Trader Sentenced to Prison for Fraud Scheme

Second Former Deutsche Bank Commodities Trader Sentenced to Prison for Fraud Scheme Published: 04 July 2021 04 July 2021 New York - A former commodities trader was sentenced Monday to 12 months and a day in prison for a scheme to commit wire fraud affecting a financial institution. Cedric Chanu, 42, of France and the United Arab Emirates, was convicted by a federal jury on Sept. 25, 2020. Based on the evidence presented at trial, Chanu, who was employed as a precious metals trader at Deutsche Bank in Singapore and, later in London, engaged in a scheme to defraud other traders on the Commodity Exchange Inc., which was a public exchange. The defendant, together with James Vorley and other Deutsche Bank traders, defrauded other market participants through a deceptive trading practice known as “spoofing.” Specifically, Chanu placed fraudulent orders that he did not intend to execute in order to create the false appearance of supply and demand and to induce other traders to tra

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