Feds Say Traders Exploited Market Rules In Spoofing Scheme
Law360 (September 15, 2020, 5:52 PM EDT) -- Former Deutsche Bank futures traders James Vorley and Cedric Chanu exploited "basic rules of supply and demand" to manipulate the precious metals market in a yearslong spoofing conspiracy that constituted criminal wire fraud, federal prosecutors told a Chicago jury Tuesday.
In opening statements, prosecutors said Vorley and Chanu placed billions of dollars' worth of fraudulent precious metals futures contracts on the Chicago Mercantile Exchange between 2008 and 2013 to fake supply or demand and bend market prices in directions more favorable to trades they were genuinely planning to execute.
Vorley and Chanu, however, say the government is giving the jury an...
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