Sept 25 (Reuters) – Two former Deutsche Bank AG
traders were found guilty on Friday by a federal jury in Chicago
of placing fraudulent “spoof” orders for precious metals futures
contracts, the Justice Department said.
After a two-week trial, Cedric Chanu, of France and the
United Arab Emirates, was convicted on seven counts of wire
fraud, and James Vorley, of the UK, was found guilty of three
counts of wire fraud, the department said in a statement.
Vorley and Chanu engaged in a multi-year conspiracy to
defraud other traders through spoofing, the placing of orders to
buy or sell futures contracts that they never intended to
complete, according to their indictment.
Vorley worked for Deutsche Bank in London from 2007 to 2015,
and Chanu worked for the bank in London and Singapore from 2008
to 2013, the indictment said.
Their sentencing has been scheduled for Jan. 21.
(Reporting by Eric Beech in Washington
Editing by Sonya Hepinstall)