Ex-Deutsche Traders Say Orders Were Bluffs, Not Fraud
- Trial begins on charges of manipulating precious-metals prices
- U.S. says Vorley, Chanu used fraud to reap illegal profits
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Fooling competitors in financial markets is no different than bluffing in a high-stakes card game, according the lawyers for two former Deutsche Bank AG traders on trial for allegedly manipulating precious-metals prices.
“Whether gin rummy, bridge or poker, you’re allowed to hide your cards” and bluff to win, defense attorney Michael McGovern told jurors Tuesday at the start of the trail in Chicago of James Vorley and Cedric Chanu.