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USA v. Vorley, et al.

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Case overview

Case Number:

1:18-cr-00035

Court:

Illinois Northern

Nature of Suit:

Firms

  1. September 25, 2020

    Jury Convicts Ex-Deutsche Traders Of Wire Fraud

    An Illinois federal jury on Friday convicted two former Deutsche Bank traders of wire fraud but cleared them of conspiracy charges stemming from what prosecutors called an unlawful precious metals market spoofing scheme that tricked competing market participants and helped them execute orders at better prices.

  2. September 23, 2020

    Jurors Divided In Ex-Deutsche Traders' Spoofing Trial

    Jurors told an Illinois federal judge on Wednesday they couldn't come to a consensus in a wire fraud trial accusing two former Deutsche Bank traders of unlawfully spoofing the precious metals market, but they were ordered to continue deliberating.

  3. September 22, 2020

    Ex-Deutsche Traders Say Gov't Didn't Prove Spoofing Scheme

    A pair of former Deutsche Bank traders on Tuesday told a jury — winnowed in size after a COVID-19 exposure scare — that prosecutors presented a case too incomplete, inaccurate and misleading to convict them for manipulating the precious metals market through an unlawful spoofing scheme.

  4. September 16, 2020

    Ex-Colleague Says Deutsche Traders Taught Him To Spoof

    A former Deutsche Bank trader testified Wednesday that he learned how to spoof the precious metals market from ex-colleagues James Vorley and Cedric Chanu, but that he didn't think the trading strategy violated any bank policy because it was never flagged as improper.

  5. September 15, 2020

    Feds Say Traders Exploited Market Rules In Spoofing Scheme

    Former Deutsche Bank futures traders James Vorley and Cedric Chanu exploited "basic rules of supply and demand" to manipulate the precious metals market in a yearslong spoofing conspiracy that constituted criminal wire fraud, federal prosecutors told a Chicago jury Tuesday.

  6. September 11, 2020

    Chicago Trial Will Break Tie On Market Spoofing Theory

    A trial against two former Deutsche Bank traders that begins Monday in Chicago will for the third time test federal prosecutors' theory that high-frequency traders and others were victimized by an unlawful market spoofing scheme, breaking a tie set in two previous spoofing trials.

  7. July 31, 2020

    COVID-19 Puts Ex-Traders' Trial Rights 'In Conflict,' Feds Say

    Two ex-Deutsche Bank traders charged with spoofing may have to choose which constitutional trial rights to assert amid the COVID-19 pandemic, a U.S. Department of Justice prosecutor told a federal court on Thursday: the right to a speedy jury trial or the right to confront witnesses in person.

  8. March 18, 2020

    Former DOJ Atty Weighs In On Ex-Traders' Misconduct Claims

    A former prosecutor with the Department of Justice's Fraud Section who accused the agency division of abusing foreign evidence requests is seeking to weigh in on former Deutsche Bank and Merrill Lynch traders' claims that the alleged misconduct affected the cases against them.

  9. March 16, 2020

    'Outsourcing' Ruling Will Remain Outlier If Judges Don't Bite

    It has been nearly a year since a federal judge shook the status quo in the white collar bar by ruling that prosecutors had improperly "outsourced" an investigation to Paul Weiss, but attempts by defendants in other cases to get a similar ruling face a high bar, including convincing judges to grant access to key evidence.

  10. March 11, 2020

    Ex-Deutsche Trader's 'Outsourcing' Claim Brushed Aside

    An Illinois federal judge bypassed a former Deutsche Bank trader's allegation that prosecutors outsourced their spoofing investigation to the bank's lawyers, ruling on Wednesday that the claim is irrelevant since the trader was not forced to incriminate himself to bank investigators.

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