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Former Deutsche Bank Dealers Have Been Found Guilty
In the United States, two former Deutsche Bank dealers have been found guilty of fraudulent transactions...
Yazar: Tom Roberts
Yayınlanma: 26 Eylül 2020 23:55
Güncellenme: 8 Kasım 2024 00:14
Former Deutsche Bank Dealers Have Been Found Guilty
In the United States, two former Deutsche Bank dealers have been found guilty of fraudulent transactions. The jury of a federal court in Chicago found that the two other market participants have deceived with false orders for precious metal futures contracts, as the US Department of Justice announced. The prosecution accuses them of conspiracy lasting several years. Both worked occasionally in London for Deutsche Bank. According to the court, the two dealers manipulated gold and silver prices through "spoofing". Buy or sell orders are simulated in order to steer prices in the desired direction. In principle, "spoofing" works like this: Traders place orders on the futures market that they do not want to execute - and delete them later. With the dummy orders, they simulate an interest that does not even exist. In doing so, they ensure, for example, that other market participants buy the precious metal in anticipation of a rising gold price - and because of the higher demand, the price actually rises. "Spoofing" was banned in the USA in 2009 under the so-called Dodd-Frank Act, which was aimed at preventing a new financial crisis. Withdrawal of orders is still allowed. However, it is illegal to place them without wanting to take them out. One of the dealers was found guilty on seven counts and the other on three counts. In each case, there is a maximum penalty of 30 years. The verdict is scheduled for January 21st.İLGİLİ HABERLER
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