James Vorley, Wire Fraud, Illinois 2021
A devastating scam has rocked the financial world, with a former commodities trader sentenced to prison for a scheme to commit wire fraud affecting a financial institution.
James Vorley, 41, of the United Kingdom, was convicted by a federal jury on September 25, 2020, and sentenced to 12 months and a day in prison for a scheme to defraud other traders on the Commodity Exchange Inc.
The scheme, which was a public exchange, defrauded other market participants through a deceptive trading practice known as “spoofing.” This practice involves placing fraudulent orders that the defendant 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.
Vorley, who was employed as a precious metals trader at Deutsche Bank in London, worked together with Cedric Chanu and other Deutsche Bank traders to execute this scheme.
The FBI’s New York Field Office investigated the case, and Deputy Chief Brian Young, Acting Principal Assistant Chief Avi Perry, and Trial Attorney Leslie S. Garthwaite of the Criminal Division’s Fraud Section are prosecuting the case.
The sentencing marks a significant victory in the fight against financial crimes, and serves as a warning to those who would seek to manipulate the market for their own gain.
The case highlights the importance of vigilance in detecting and preventing financial crimes, and the need for robust regulation and enforcement to protect the integrity of the financial system.
Key Facts
- State: Illinois
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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