Deutsche Bank Spoofer Tells Jury His Bosses Showed Him How
- Star prosecution witness says he helped to manipulate prices
- Chicago trial of traders is latest U.S. spoofing prosecution
Photographer: Carla Gottgens/Bloomberg
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Former Deutsche Bank AG analyst David Liew told a Chicago jury he learned how to manipulate gold and silver prices from the two successful senior traders he admired and worked with for about three years.
Liew said he wanted to be a team player and make money after joining the bank’s Singapore office, so he began doing “spoof” trades the way he was taught by Cedric Chanu and James Vorley. The senior traders often placed buy and sell orders they never intended to execute, a strategy intended to influence prices so they could reap illegal profits, Liew said.