July 25, 2018 / 8:13 PM / a year ago

U.S. charges two ex-Deutsche Bank traders over fake orders

July 25 (Reuters) - Two former Deutsche Bank AG traders have been criminally charged in the United States with conducting fraudulent and manipulative trading involving precious metals futures contracts, U.S. prosecutors said on Wednesday.

James Vorley, 38, of the UK, and Cedric Chanu, 39, of France and the United Arab Emirates, were each charged by a federal grand jury in Chicago with one count of wire fraud and one count of conspiracy.

The indictment said the defendants and their co-conspirators defrauded other traders by placing fraudulent orders they did not intend to complete, hoping to manipulate prices by creating the appearance of false supply and demand. (Reporting by Jonathan Stempel in New York Editing by Leslie Adler)

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