(Washington) Two former Deutsche Bank bankers were found guilty by a US judge of "misleading and manipulative trading practices in US commodities markets," the Justice Department said.
Posted September 26, 2020 at 9:24 PM
After a two-week trial, a judge in Chicago convicted them of "fraud because of their respective roles in fraudulent and manipulative business practices involving futures contracts on publicly traded precious metals," according to a press release.
The two men, who worked for Germany's second-largest bank in London and Singapore, "tricked other traders into placing fraudulent orders that they had no intention of carrying out in order to appear. supply and demand and to encourage negotiation of prices, quantities and times, ”explains the US Department of Commerce.
Their sentence will be handed down on January 21.