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
US Department Of Justice: Second Former Deutsche Bank Commodities Trader Sentenced To Prison For Fraud Scheme mondovisione.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondovisione.com Daily Mail and Mail on Sunday newspapers.
Former Deutsche Bank Commodities Trader Sentenced to Prison for Fraud Scheme Details Written by Justice Department
Chicago, Illinois - A former commodities trader was sentenced Monday in the Northern District of Illinois to 12 months and a day in prison for a scheme to commit wire fraud affecting a financial institution.
James Vorley, 41, of the United Kingdom, was convicted by a federal jury on Sept. 25, 2020. Based on the evidence presented at trial, Vorley, who was employed as a precious metals trader at Deutsche Bank in London, engaged in a scheme to defraud other traders on the Commodity Exchange Inc., which was a public exchange. The defendant, together with Cedric Chanu and other Deutsche Bank traders, defrauded other market participants through a deceptive trading practice known as “spoofing.” Specifically, Vorley placed fraudulent orders that he did not intend to execute in order to create the false appearance of supply and demand and to i
US Department Of Justice: Former Energy Broker Pleads Guilty To Insider Trading And Kickback Scheme mondovisione.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondovisione.com Daily Mail and Mail on Sunday newspapers.
A Wisconsin man was sentenced today to 57 months in prison for fraudulently obtaining over $1 million in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Thomas Smith, of Pewaukee, pleaded guilty on Feb. 23. According to court documents and statements, Smith fraudulently sought over $1.2 million in PPP loans through applications to a federally insured financial institution on behalf of eight different companies. According to his plea agreement, Smith caused to be submitted fraudulent loan applications containing numerous false and misleading statements about the companies respective payroll expenses. Based on these representations, the financial institution approved and funded over $1 million in loans. Smith then directed his co-conspirators to send him portions of the PPP funds.