DOJ Says Ex-Deutsche Traders' Spoofing Is Wire Fraud
Law360, Chicago (January 24, 2019, 5:59 PM EST) -- The U.S. Department of Justice's wire fraud indictment against two ex-Deutsche Bank traders accused of spoofing the precious metals market should be allowed to proceed because its allegations sufficiently lay out the traders’ false statements and intent behind their orders, an Illinois federal judge heard Thursday.
Cory Jacobs of the DOJ told U.S. District Judge John Tharp that while he agrees no affirmative misstatements are at issue in the allegedly misleading orders that traders James Vorley and Cedric Chanu placed and quickly canceled in their work, those orders carry implied misrepresentations that Vorley and Chanu are bona fide traders with genuine...
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