Two Spoofing Commodities Traders Jailed in US
Posted by Colin Lambert. Last updated: June 29, 2021
Former Deutsche Bank precious metals traders James Vorley, a UK citizen, and Dubai-based Cedric Chanu, have been sentenced in separate hearings to one year and one day in prison, for their role in a spoofing scheme operated on the Commodity Exchange.
Vorley was charged by the US Commodity Futures Trading Commission (CFTC) in 2018, along with Chanu, as part of a raft of charges brought by the Commission against three banks and eight individuals. They are the second and third men to be sentenced to jail time – in 2020 Sydney-based Jiongsheng Zhao was also sentenced to one year and a day, but the authorities agreed he be released as he had spent much of that time behind bars awaiting extradition.
The swathe of charges by the CFTC also included Jitesh Thakkar and his firm Edge Technologies, who was charged with providing the trading technology for spoofing but acquitted. Also charged was former UBS precious metals trader Andre Flotron, who admitted guilt and was fined $100,000 and banned for one year, and Tower Research’s Krishna Mohan, who also settled with the authorities without incurring a jail sentence.