Ex-Deutsche Bank Gold Traders Found Guilty in Spoofing Trial

Vorley, Chanu convicted on fraud charges for bogus trades
Chicago jury convicts metals traders after weeklong trial

Bullion At Gold Investments Ltd. As Gold Holds Ground Near Record — Photographer: Chris Ratcliffe/Bloomberg

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By Janan Hanna and Stephen Joyce

September 25, 2020 at 9:27 PM UTC

Updated on

September 25, 2020 at 11:36 PM UTC

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Prosecutors behind a sweeping U.S. crackdown on market “spoofing” scored a big win Friday when former Deutsche Bank AG traders Cedric Chanu and James Vorley were convicted of fraud for manipulating gold and silver prices.

A federal jury in Chicago, after three days of deliberations, concluded Chanu and Vorley made bogus trade orders between 2008 and 2013 to illegally influence precious-metals prices. The weeklong trial was the latest U.S. prosecution of a “spoofing” case since the global market “flash crash” in 2010.