Jury Convicts Ex-Deutsche Traders Of Wire Fraud

Law360 (September 25, 2020, 5:17 PM EDT) -- An Illinois federal jury on Friday convicted two former Deutsche Bank traders of wire fraud but cleared them of conspiracy charges stemming from what prosecutors called an unlawful precious metals market spoofing scheme that tricked competing market participants and helped them execute orders at better prices.

Two former Deutsche Bank traders were convicted of wire fraud Friday, but a jury cleared them of a conspiracy charge surrounding an alleged $2.6 billion of false orders. (AP Photo/Mark Lennihan) Jurors found ex-trader James Vorley guilty of three counts and Cedric Chanu guilty of seven counts of wire fraud affecting a financial institution, but acquitted...

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