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Second former Deutsche Bank 'spoof' trader gets a year in prison
From Bloomberg Law, New York
Monday, June 28, 2021
A second former Deutsche Bank precious-metals trader was ordered to serve a year and a day in prison for manipulating gold and silver prices with bogus "spoof" trade orders between 2008 and 2013.
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Cedric Chanu, who was convicted of fraud at a trial in September, had threatened "the integrity of the markets, markets that are critical to our economy," U.S. District Judge John J. Tharp Jr. said to in Chicago. "This kind of sustained criminal conduct deserves a serious sentence."
Last week, Tharp ordered the same prison term for Chanu’s former co-worker, James Vorley, 41.
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