DOJ Defends Use Of Wire Fraud Charges In Spoofing Suit

By Reenat Sinay (March 27, 2019, 6:17 PM EDT) -- Federal prosecutors urged an Illinois federal judge Tuesday to reject requests by several financial advocacy groups to toss the government's suit against two former Deutsche Bank traders who are facing wire fraud charges for manipulating the precious metals market using a technique known as spoofing.

The Chamber of Commerce, the Bank Policy Institute, the Futures Industry Association, and the Securities Industry and Financial Markets Association had asked the court in February amicus briefs 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,...

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