Former Deutsche Bank traders to appeal from prison sentences

Former Deutsche Bank traders James Vorley and Cedric Chanu are challenging their prison sentences for engaging in a scheme known as “spoofing”. This becomes clear from documents filed by the traders on July 3, 2021 and July 6, 2021, at the Illinois Northern District Court.

Vorley appeals to the United States Court of Appeals for the Seventh Circuit from the final judgment of conviction entered on June 30, 2021, including each and every part of the judgment and all interlocutory rulings subsumed therein.

Chanu appeals to the United States Court of Appeals for the Seventh Circuit the Judgment and the Amended Judgment that the Court entered on June 30, 2021, including all interlocutory rulings subsumed therein.

Vorley, a former commodities trader was sentenced in June in the Northern District of Illinois to 12 months and a day in 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. Based on the evidence presented at trial, Vorley, who was employed as a precious metals trader at Deutsche Bank in London, engaged in a scheme to defraud other traders on the Commodity Exchange Inc., which was a public exchange.

The defendant, together with Cedric Chanu and other Deutsche Bank traders, defrauded other market participants through a deceptive trading practice known as “spoofing.” 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.

Cedric Chanu, of France and the United Arab Emirates, was convicted by a federal jury on September 25, 2020. Based on the evidence presented at trial, Chanu, who was employed as a precious metals trader at Deutsche Bank in Singapore and, later in London, engaged in a scheme to defraud other traders on the Commodity Exchange Inc., which was a public exchange. He was also sentenced to 12 months and a day in prison for a scheme to commit wire fraud affecting a financial institution.

As FX News Group has reported, the DOJ sought a sentence of imprisonment at the lower end of the applicable Guidelines range (57 to 71 months) for each defendant. The traders have asked for sentences of time served.

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