Supreme Court rejects appeals by ex-Deutsche Bank traders convicted of 'spoofing'
Source: Reuters
Supreme Court rejects appeals by ex-Deutsche Bank traders convicted of 'spoofing'
John Kruzel
Mon, January 23, 2023 at 12:58 PM EST·1 min read
(Reuters) - The U.S. Supreme Court on Monday turned away appeals by two former Deutsche Bank AG commodities traders convicted of manipulating precious metals prices by placing "spoof" orders.
The court denied petitions by James Vorley and Cedric Chanu, who were each sentenced to just over a year in prison after being found guilty of wire fraud for spoofing, or placing orders with the intent to cancel them before trades are executed.
The pair were convicted in 2020 for carrying out what prosecutors said was a yearslong spoofing scheme between 2008 and 2013. Their trades created a false sense of supply and demand, and induced other traders to make trades they would otherwise not have made, prosecutors said.
On appeal, Vorley and Chanu argued they had not made the kind of explicit false statements targeted by wire-fraud law.
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Read more: https://news.yahoo.com/supreme-court-rejects-appeals-ex-175822470.html
