A former Deutsche Bank dealer has been sentenced to life in prison for ‘spoofing’

A former trader at Deutsche Bank has been sentenced to 12 months and one day imprisonment for damaging the future gold and silver market between 2008 and 2013.

James Vorley, a British citizen who worked as a gemstone at Deutsche London in London from 2007 to 2015, was sentenced on Monday by the Northern District of Illinois. He was found guilty in September along with Cedric Chanu, a former Deutsche dealer. The pair spent 30 years in prison.

The delivery of this sentence is part of the case in which a DoJ was announced in 2018 as the “next major market for legal cases in the history of the department”, following the cases against Vorley, Chanu and six others.

Vorley and Chanu, who are due for trial on June 28, were found guilty of altering steel markets using a practice called spoofing.

This involves setting false rules to create fraud of quantity or value, which results in prices. Computers disable the rules before they are executed, allowing the spoofer to take advantage of the opportunity to take advantage of them. It became banned as part of the 2010 Dodd-Frank Act.

“In particular, Vorley imposed fraudulent laws that he did not want to create in order to create false positives about the need and to persuade other traders to act on prices, quantities, and times when they would not do business,” the U.S. Department of Justice said in a statement.

Deutsche paid a $ 30m fine to the Commodity Futures Trading Commission in 2018 for robbing future stock markets.

U.S. regulators in recent years are urged action against vandalism, and authorities in October are paying a $ 920m fine to the JPMorgan Chase for eight years exposing the false market-seeking schemes and U.S. government officials.