The verdict represents prosecutors’ second win in trials over conduct known as spoofing, a rapid-fire manipulation tactic that involves sophisticated detective work to expose. Companies including Deutsche Bank and Bank of America have collectively paid hundreds of millions of dollars in fines over spoofing claims. With Friday’s outcome, three traders have now been convicted of spoofing-related crimes. The jury convicted James Vorley, a U.K. citizen, of three of eight counts of wire fraud. Cedric Chanu, a French citizen who lives in Dubai, was convicted of seven of 10 counts of wire fraud.

Source: Wall Street Journal September 25, 2020 22:46 UTC