Chamber Opposes Spoofing Case Against Deutsche Traders

Law360 (February 7, 2019, 5:43 PM EST) -- The U.S. Chamber of Commerce and two interest groups filed an amicus brief in Illinois federal court Wednesday supporting two ex-Deutsche Bank traders indicted for spoofing the precious metals market, arguing the government is creating a dangerous precedent by “distorting the meaning” of the wire fraud statute.

The Chamber of Commerce, the Bank Policy Institute, and the Securities Industry and Financial Markets Association urged the court to dismiss the indictment against traders James Vorley and Cedric Chanu, saying the charges should have been brought under the Commodity Exchange Act.

Unlike the wire fraud statute, the CEA specifically prohibits the act of...

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