A former U.K. commodities trader with Deutsche Bank has been sentenced to a year in prison for defrauding other traders with spoofing orders.
The U.S. Department of Justice (DoJ) announced that James Vorley, 41, was sentenced to 12 months plus a day in prison after being convicted by a U.S. federal jury in Chicago for his role in a scheme to commit wire fraud via deceptive trading.
U.S. authorities alleged that Vorley, who worked as a precious metals trader for Deutsche Bank in London, participated in a scheme with other Deutsche traders to defraud other market players through deceptive trading, known as spoofing, on the Commodity Exchange Inc.
“Specifically, Vorley placed fraudulent orders that he did not intend to execute in order to create the false appearance of supply and demand and to induce other traders to transact at prices, quantities, and times that they otherwise would not have traded,” the DoJ said in a release announcing the sentencing.
Another Deutsche trader, Cedric Chanu, who was also convicted of seven counts alongside Vorley, is to be sentenced on June 28.