Ex-Deutsche Bank Traders Charged in Expanding Spoofing Probe
- James Vorley, Cedric Chanu indicted in Chicago federal court
- Charges indicate federal probe into practice still widening
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Two former Deutsche Bank AG employees were charged with fraudulent and manipulative trading involving precious metals futures contracts through a practice known as spoofing as a federal probe on illegal market practices continues to widen.
James Vorley, 38, of the U.K., and Cedric Chanu, 39, of France and the United Arab Emirates, were indicted Tuesday for conspiracy and wire fraud by a grand jury in Chicago. The two are accused of engaging in a multiyear scheme to defraud other traders on the Commodity Exchange Inc., a venue run by the Chicago Mercantile Exchange Group.