Two former Deutsche Bank AG traders were found guilty on Friday by a federal jury in Chicago of placing fraudulent “spoof” orders for precious metals futures contracts, the Justice Department said.
After a two-week trial, Cedric Chanu, of France and the United Arab Emirates, was convicted on seven counts of wire fraud, and James Vorley, of the U.K., was found guilty of three counts of wire fraud, the department said in a statement.
Vorley and Chanu engaged in a multiyear conspiracy to defraud other traders through spoofing, the placing of orders to buy or sell futures contracts that they never intended to complete, according to their indictment.
Vorley worked for Deutsche Bank in London from 2007 to 2015, and Chanu worked for the bank in London and Singapore from 2008 to 2013, the indictment said.
Their sentencing has been scheduled for Jan. 21.