About a month after the Department of Justice (DOJ) urged the United States Court of Appeals for the Seventh Circuit to uphold the wire fraud convictions of James Vorley and Cedric Chanu, the former Deutsche Bank traders have responded to the DOJ’s brief.
The document, filed by Vorley and Chanu on January 21, 2022, uses some rather multi-disciplinary arguments, as the former Deutsche Bank traders seek to reverse their convictions. For instance, they argue that competitions, whether with cards or futures contracts, permit some “deceptive” techniques. And, according to the traders, these techniques do not amount to fraud.
Let’s recall that, according to the indictment, Cedric Chanu and James Vorley manipulated the futures market on the Chicago-based COMEX exchange by placing large visible “spoof” orders for futures contracts and then quickly canceling them before they could be filled. Because these orders appeared to signal genuine market interest, they often drove prices up or down, enabling the defendants to trade more easily or more profitably on the opposite side of the market.
The traders were convicted on September 25, 2020. They were sentenced to 12 months and one day in prison for a scheme to commit wire fraud affecting a financial institution.
While the DOJ argues that the Appeals Court should uphold the convictions, the traders are seeking to overturn them.
In their joint brief, submitted on January 21, 2022, Chanu and Vorley argue that an anonymous and legally binding bid or offer on a futures exchange carries no more of an implied representation of “good faith” than a raise or call does in poker. They add that this is not transformed into a false statement or misleading omission based on the subjective “intent” of the trader.
Vorley and Chanu state:
“To accept the government’s theory would transform the federal wire fraud statute into an all-purpose law for criminalizing violations of exchange rules—or any trading tactics the government deems to be dishonest—because such violations or tactics could always be characterized as implied misrepresentations of good faith”.
The traders note that US Courts have repeatedly warned against the dangers of allowing the mail and wire fraud statutes to be turned into catch-all tools for prosecuting conduct that may strike a prosecutor as manipulative, deceptive, or dishonest. According to Vorley and Chanu, this case is the latest example of such overreach.
Chanu and Vorley claim that they did not scheme to sell an investment that they knew to be worthless. They did not use pre-arranged, riskless trades – such as wash trades – to deceive other traders about the prices at which executed transactions had occurred. They say they placed readily tradeable bids and offers that they were willing and able to honor if executed before they were withdrawn. Chanu and Vorley were willing to “put [their] money where [their] mouth [was]”.
Chanu and Vorley explain that their subjective hopes that their alleged spoof orders would not fill and might be cancelled before execution did not render those orders “fake” or “false.” On an anonymous electronic futures exchange, a limit order placed on the order book conveys no information about the trader’s subjective intentions, nor how long the trader intends to keep the order on the market before cancelling it, nor the reasons why the trader might cancel the order.
Vorley and Chanu argue that “no trader looking at the COMEX order book—an incomplete, split-second snapshot of only the visible limit orders at various price levels, the great majority of which are cancelled before execution—could be defrauded by the appearance of a readily tradeable, at-risk order that he or she knows may be cancelled at any time”.
The traders say:
“Competitions—whether with balls, cards or futures contracts—often allow “deceptive” tactics. In football, the offense may line up for a punt on fourth down only to have the punter throw a pass. In baseball, the batter may show a bunt only to hit away at the helpless, charging third baseman. In poker, a gambler with a terrible hand may bluff her way to the pot by convincing the table that she’s holding pocket aces. And on COMEX, a trader seeking to sell a thousand contracts but not wanting the market to run away from him may use an “iceberg order” to make it appear to other traders as though only ten contracts, or even just one, have been placed on the market for sale”.
Chanu and Vorley say that their theory of defense was that “they believed in good faith that manual spoofing was a form of deception that, like iceberg orders, was permitted on COMEX because their orders were readily tradeable and at risk”.
According to the traders, the government’s burden was not merely to prove that spoofing was against the rules, but that Chanu and Vorley did not believe in good faith that it was permitted.
Vorley and Chanu urge the Court to vacate Appellants’ convictions and dismiss the superseding indictment or, alternatively, remand for a new trial.
Your point of view caught my eye and was very interesting. Thanks. I have a question for you. https://accounts.binance.com/sv/register-person?ref=DB40ITMB
Al tomar fotografías con un teléfono móvil o una tableta, debe activar la función de servicio de posicionamiento GPS del dispositivo; de lo contrario, no se podrá posicionar el teléfono móvil. https://www.xtmove.com/es/how-to-track-location-through-mobile-phone-photos/
Wow, superb blog layout! How long have you ever been blogging for?
you make running a blog look easy. The full glance of your site is wonderful, as smartly as the content!
You can see similar here sklep internetowy
Challenge your friends and foes in epic multiplayer battles! Lucky cola
Your article helped me a lot, is there any more related content? Thanks!
Yenimahalle, Etlik, Sincan gibi merkez dışı bölgelerde bile kaliteli escort profilleri görmek şaşırtıcıydı. Ankara escort ağını iyi kurmuşlar.
VIP seviyesinde bir hizmet aldım. Özellikle Çankaya escort modelleri kendini çok belli ediyor. Teşekkürler AnkaraRusModel.
купить аккаунт платформа для покупки аккаунтов
маркетплейс для реселлеров магазин аккаунтов
заработок на аккаунтах платформа для покупки аккаунтов
маркетплейс для реселлеров профиль с подписчиками
услуги по продаже аккаунтов площадка для продажи аккаунтов
магазин аккаунтов продажа аккаунтов соцсетей
площадка для продажи аккаунтов безопасная сделка аккаунтов
магазин аккаунтов социальных сетей продажа аккаунтов соцсетей
гарантия при продаже аккаунтов продажа аккаунтов соцсетей
магазин аккаунтов https://ploshadka-prodazha-akkauntov.ru/
безопасная сделка аккаунтов https://prodat-akkaunt-online.ru
перепродажа аккаунтов покупка аккаунтов
аккаунт для рекламы https://pokupka-akkauntov-online.ru
Account Trading Accounts market
Account Exchange Service Account marketplace
Website for Buying Accounts Account Trading Service
Buy Pre-made Account https://buyaccountsmarketplace.com
Your article helped me a lot, is there any more related content? Thanks!
Account Selling Platform Account Market
Account Market https://socialaccountsstore.com
Website for Buying Accounts Account Trading Service
Website for Selling Accounts Account Trading Service
Verified Accounts for Sale Gaming account marketplace
Account Trading https://socialmediaaccountsale.com/
account buying platform account trading service
verified accounts for sale sell pre-made account
social media account marketplace account exchange service
account catalog online account store
account market account market
account catalog account sale
buy accounts secure account purchasing platform
account acquisition account exchange
buy account account acquisition
account buying platform ready-made accounts for sale
account marketplace account market
accounts for sale account selling service
account exchange secure account purchasing platform
accounts for sale social media account marketplace
account catalog buy account
social media account marketplace account marketplace
account market guaranteed accounts
account trading platform buy and sell accounts
accounts market purchase ready-made accounts
account purchase account sale
guaranteed accounts account purchase
marketplace for ready-made accounts account exchange service
purchase ready-made accounts online account store
account trading service account trading
sell account account market
account exchange service account market
ready-made accounts for sale https://buy-best-accounts.org/
account market https://social-accounts-marketplaces.live/
website for buying accounts account marketplace
account market https://social-accounts-marketplace.xyz
buy account https://buy-accounts.space
marketplace for ready-made accounts https://buy-accounts-shop.pro/
secure account sales https://accounts-marketplace.online
account trading platform https://social-accounts-marketplace.live/
buy accounts https://accounts-marketplace-best.pro/
магазин аккаунтов купить аккаунт
маркетплейс аккаунтов соцсетей https://kupit-akkaunt.xyz/
площадка для продажи аккаунтов akkaunt-magazin.online
биржа аккаунтов https://akkaunty-market.live/
продажа аккаунтов https://kupit-akkaunty-market.xyz/
продажа аккаунтов https://akkaunty-optom.live
купить аккаунт https://online-akkaunty-magazin.xyz
биржа аккаунтов https://akkaunty-dlya-prodazhi.pro
биржа аккаунтов kupit-akkaunt.online
buy facebook accounts cheap buy a facebook ad account
buy a facebook ad account https://buy-ad-accounts.click
buy aged fb account buy old facebook account for ads
buy facebook account for ads https://buy-ads-account.click
buy facebook ads accounts https://ad-account-buy.top/
buy fb ad account https://buy-ads-account.work
buy facebook profile https://buy-ad-account.click
buying facebook account facebook ad account buy
google ads reseller buy account google ads
buy facebook old accounts buy facebook profiles
buy aged google ads account buy google ads accounts
buy google ad threshold account https://buy-ads-invoice-account.top
buy verified google ads accounts https://buy-account-ads.work
buy google ads threshold account https://buy-ads-agency-account.top
buy old google ads account https://sell-ads-account.click
buy google adwords account https://ads-agency-account-buy.click
buy facebook bm https://buy-business-manager.org/
google ads account seller buy account google ads
facebook bm buy buy-bm-account.org
verified bm for sale https://buy-verified-business-manager-account.org
buy facebook ads accounts and business managers https://buy-verified-business-manager.org/
fb bussiness manager https://buy-business-manager-acc.org/
buy facebook business manager verified business-manager-for-sale.org
verified facebook business manager for sale buy-business-manager-verified.org
facebook bm account buy-bm.org
buy verified business manager facebook https://verified-business-manager-for-sale.org/
buy facebook bm https://buy-business-manager-accounts.org/
tiktok ads account for sale https://buy-tiktok-ads-account.org
tiktok ads account for sale https://tiktok-ads-account-for-sale.org
buy tiktok ad account https://tiktok-agency-account-for-sale.org
buy tiktok ads account https://buy-tiktok-ad-account.org
buy tiktok ad account https://buy-tiktok-ads-accounts.org
buy tiktok ad account https://tiktok-ads-agency-account.org
tiktok ads account for sale https://buy-tiktok-business-account.org
tiktok ad accounts https://buy-tiktok-ads.org
Explore the ranked best online casinos of 2025. Compare bonuses, game selections, and trustworthiness of top platforms for secure and rewarding gameplaycasino.