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Ex-Deutsche Bank traders face prosecution over 'spoofing'

Two former Deutsche Bank AG employees will face prosecution under the wire fraud statute over alleged fraudulent and manipulative precious-metals trading, Bloomberg News reported.

A criminal case against James Vorley and Cedric Chanu will be able to move forward after District Judge John J. Tharp in Chicago rejected a motion from the ex-traders to dismiss the case, the newswire reported.

The two were indicted by federal prosecutors in 2018, accused of "spoofing," or placing orders for futures contracts that they did not intend to execute, in order to manipulate the market.

Vorley and Chanu had argued that they had not made any false statements, which is required for a charge to be filed under the wire fraud statute.

But this argument was dismissed by the judge, who said in the ruling that omission of material information is also proscribed by the statute "if the omission was intended to induce a false belief and action to the advantage of the schemer and the disadvantage of the victim."