Home » Office of Public Affairs » News SHARE JUSTICE NEWS Department of Justice Office of Public Affairs FOR IMMEDIATE RELEASE Tuesday, June 29, 2021 Second Former Deutsche Bank Commodities Trader Sentenced to Prison for Fraud Scheme A former commodities trader was sentenced Monday to 12 months and a day in prison for a scheme to commit wire fraud affecting a financial institution. Cedric Chanu, 42, of France and the United Arab Emirates, was convicted by a federal jury on Sept. 25, 2020. Based on the evidence presented at trial, Chanu, who was employed as a precious metals trader at Deutsche Bank in Singapore and, later in London, engaged in a scheme to defraud other traders on the Commodity Exchange Inc., which was a public exchange. The defendant, together with James Vorley and other Deutsche Bank traders, defrauded other market participants through a deceptive trading practice known as “spoofing.” Specifically, Chanu placed fraudulent orders that he did not intend to execute in order to create the false appearance of supply and demand and to induce other traders to transact at prices, quantities, and times that they otherwise would not have traded. Vorley was sentenced on June 21, also to 12 months and a day in prison. Acting Assistant Attorney General Nicholas L. McQuaid of the Justice Department’s Criminal Division and Assistant Director in Charge William F. Sweeney Jr. of the FBI’s New York Field Office made the announcement. The FBI’s New York Field Office investigated the case. Deputy Chief Brian Young, Acting Principal Assistant Chief Avi Perry, and Trial Attorney Leslie S. Garthwaite of the Criminal Division’s Fraud Section are prosecuting the case.
Spoofing is Illegal? Get the Hell Outa Here. I call Bullshit. Misdirection. Hey, look over there! Shiny Object! Over There! Just Look at those Greedy Bad Guys. (heh heh, suckahs! #1 They let us do Anything. @2 I know. Isn't it Great.) Else these guys gonna have hella company in the crossbar hotel. Long Prisons, in that case.
It is about time these shitjerks get their just desserts. Spoofing mother fuckers. Up against the wall!
Mere Minions. You took the bait homer. You think spoofing is the main problem with DB? Get the Hell outa here, lol. BTW, What makes a good Buy to Enter when you take a trade?
For every one that is found, there are 50 more. They have a termite problem. Eating them from within.
and? Who besides Spoofers (those bad boys, nobody else does that,lol) are among the population of Termites undermining the foundation of DB? What makes a good Buy to Enter when you take a trade?
Considering that the FBI could only get Al Capone on tax evasion charges. Getting some DB guy on spoofing is pretty good. LOL At least it's something. This is DB we are talking about. Its one division has probably more funds than 10X of DOJ's entire budget for the year.