Ex-Deutsche Bank Traders Must Face Spoofing Case, Judge Says
- Trade Groups had joined defendants in seeking case’s dismissal
- Judge said ex-traders can be charged under wire-fraud statute
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The criminal case against two former Deutsche Bank AG employees accused of fraudulent and manipulative precious-metals trading can proceed, after a federal judge on Monday rejected their request for dismissal.
U.S. District Judge John J. Tharp in Chicago said prosecutors had properly used the wire-fraud statute to charge James Vorley and Cedric Chanu with spoofing, part of an alleged multiyear scheme to defraud other traders on the Commodity Exchange Inc., a venue run by CME Group Inc.’s Chicago Mercantile Exchange.