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Ex-Deutsche Bank trader Vorley sentenced to year in prison for spoofing
By Janan Hanna
Bloomberg News
Monday, June 22, 2021
A former Deutsche Bank trader today was ordered to serve one year and a day in prison for manipulating gold and silver prices with bogus "spoof" trade orders between 2008 and 2013.
James Vorley, who was convicted of fraud in September, was sentenced by U.S. District Judge John J. Tharp Jr. in Chicago. Vorley's former co-worker, Cedric Chanu, is scheduled to be sentenced on June 28.
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The prosecution of Vorley and Chanu was part of a U.S. crackdown on illegal "spoofing" cases since the global market "flash crash" in 2010. In January, Deutsche Bank agreed to pay more than $130 million to settle criminal and civil charges that included spoofing, and JPMorgan Chase & Co. admitted its traders manipulated markets and agreed to pay a record $920 million fine.
Chanu and Vorley were convicted after a weeklong jury trial, which included witnesses describing the bait-and-switch scheme to influence prices and transcripts of messages sent by the traders showing they knew what they were doing was wrong. In one instance, Vorley wrote: "This spoofing is annoying me. It's illegal for a start." ...
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