Former Precious Metals Traders Fined, Banned

A US court has fined James Vorley and Cedric Chanu, both former Deutsche Bank precious metals traders in London, $150,000, and banned them from trading on registered venues in the US for five years, for spoofing precious metals markets from 2011 to 2013.

The case was brought by the US Commodity Futures Trading Commission (CFTC), however the two men are in the midst of appealing a one year and one day sentence passed down by another US court in relation to a case brought by the US Department of Justice.

The case involves the spoofing of COMEX gold over a two-year period and are part of a series of cases brought by US authorities over manipulation of precious metals markets. Just after Vorley and Chanu were sentenced last year, two other spoofers were also found guilty.

“This enforcement action demonstrates the CFTC’s commitment to aggressively pursuing individuals who spoof in our markets,” says CFTC acting director of enforcement Vincent McGonagle. “As this case shows, we will continue to work vigorously to hold individuals accountable, and not just the companies that employ them, for misconduct in our markets.”