logo
Published on Gold Anti-Trust Action Committee (http://gata.org)

Former Deutsche Bank gold traders found guilty in spoofing trial

By cpowell
Created 2020-09-26 02:50

By Janan Hanna and Stephen Joyce
Bloomberg News
Friday, September 25, 2020

Prosecutors behind a sweeping U.S. crackdown on market "spoofing" scored a big win Friday when former Deutsche Bank AG traders Cedric Chanu and James Vorley were convicted of fraud for manipulating gold and silver prices.

A federal jury in Chicago, after three days of deliberations, concluded Chanu and Vorley made bogus trade orders between 2008 and 2013 to illegally influence precious-metals prices. The weeklong trial was the latest U.S. prosecution of a "spoofing" case since the global market "flash crash" in 2010

... Dispatch continues below ...


ADVERTISEMENT

Buy metals at GoldMoney and enjoy international storage

GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, ­taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:

http://www.goldmoney.com/?gmrefcode=gata [1]



Chanu and Vorley engaged in a classic "bait and switch" by placing orders they never intended to execute and then canceling them, which "weaponized" the forces of supply and demand to mislead other traders, prosecutor Brian Young told jurors in closing arguments Tuesday.

Spoofing occurs when a trader enters buy or sell orders and then cancels them before they are executed, creating a false market indicator that can generate profit by taking the opposite position. While canceling orders isn't prohibited, the 2010 Dodd-Frank Act made it illegal to place orders with no intention of executing them.

Transcripts of messages the two traders sent show they knew what they were doing was wrong, Young said. In one instance, Vorley wrote: "This spoofing is annoying me. It's illegal for a start." ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-09-25/ex-deutsche-bank-gold... [2]

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 14-17, 2020

https://neworleansconference.com/wp-content/uploads/2020/09/NOICChrisPow... [3]

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg [4]

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg [5]

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com [6].

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651... [7]

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net [8].

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org [9]

To contribute to GATA, please visit:

http://www.gata.org/node/16 [10]


Source URL:
http://gata.org/node/20525