Former Deutsche Bank AG traders, James Vorley and Cedric Chanu, were charged by a U.S. grand jury for allegedly engaging in fraudulent and manipulative trading involving precious metals futures contracts, the U.S. Justice Department said July 25.
Vorley and Chanu were charged on counts of wire fraud and conspiracy related to so-called futures spoofing. They were accused of running a multiyear fraud scheme in which they placed fraudulent orders, including precious metals futures contracts, to create a false sense of demand and supply. They worked on the fraud scheme with fellow Deutsche Bank trader David Liew.
Both Vorley and Chanu worked for Deutsche Bank in London. Chanu, who also worked for the bank in Singapore, served the bank from 2008 to 2013, while Vorley was active between 2007 and 2015, according to Reuters.
The announcement came after the U.S. Commodity Futures Trading Commission in January filed enforcement actions against eight people, including Vorley and Chanu.