Deutsche Bank Reaches $100 Million Deferred-Prosecution Deal
(Bloomberg) — Deutsche Bank AG agreed to pay $100 million to settle criminal allegations, including that it manipulated the market for precious metals futures through a trading tactic known as spoofing, according to a person familiar with the matter.
Two Deutsche Bank traders, Cedric Chanu and James Vorley, were convicted in September of manipulating prices for gold and silver contracts. They were charged with entering bogus bids for contracts, canceling them before the orders were filled and profiting off the price swings in between.
A spokesman for the bank declined to comment on the agreement.