Feds Want Multi-Year Sentences For Ex-Deutsche Traders

Law360 (May 24, 2021, 10:27 PM EDT) -- Federal prosecutors have recommended sentences between four and six years behind bars for two former Deutsche Bank traders convicted of spoofing the precious metals market, telling an Illinois federal court that their scheme "undermined the public's confidence in the integrity of the financial markets."

James Vorley and Cedric Chanu "manipulated one of the world's most important financial markets and defrauded other market participants for years," prosecutors said in a sentencing memorandum Friday. Vorley's and Chanu's plot was brazen and sophisticated, and they never thought they would be caught, prosecutors said.

The seriousness of that offense and the need to promote deterrence...

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