Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Newcrest Mining Ltd NCMGF


Primary Symbol: A.NCM

Newcrest Mining Limited is an Australia-based mining company. The Company's principal activities are exploration, mine development, mine operations and the sale of gold and gold/copper concentrate. The Company owns and operates a portfolio of brownfields and greenfields exploration projects. The Company’s assets include Brucejack, Cadia, Havieron, Lihir, Red Chris, Telfer and Wafi-Golpu. The Brucejack asset is located approximately 950 kilometers (km) from Vancouver, Canada. The Cadia asset is located approximately 25 km from Orange, New South Wales (NSW). The Havieron asset is located approximately 45 km east of Telfer. The Lihir asset is located on the Niolam Island, approximately 900 km from Port Moresby, Papua New Guinea (PNG). The Red Chris asset is located approximately 1,700 km from Vancouver, Canada. The Telfer asset is located approximately 400 km from Port Hedland, WA. The Wafi-Golpu asset is located approximately 65 km from the city of Lae, PNG.


ASX:NCM - Post by User

Post by Smittleon Jun 22, 2021 8:43am
145 Views
Post# 33426130

Ex-Deutsche Bank traders found guilty of "spoof" gold orders

Ex-Deutsche Bank traders found guilty of "spoof" gold orders

Ex-Deutsche Bank traders found guilty of "spoof" orders in gold and silver futures markets

 A Chicago court has sentenced a former Deutsche Bank AG trader to a year and one day in prison on Monday on fraud charges for manipulative trading in precious metals futures, saying the scheme undermined confidence in the markets.

According to the Reuters report, U.S. District Judge John Tharp Jr stated that the sentence for James Vorley, 41, from England was warranted to broadly deter other traders at banks from manipulative conduct.
 
He went on to say "Everyone who works in the financial markets has to be reminded and understand that attempts to manipulate the market by any means will expose them to substantial criminal sanctions,".
Prosecutors noted at trial that Vorley and his ex-colleague Cedric Chanu defrauded market participants by placing and then cancelling decoy orders to move commodities prices between 2008 and 2013.
 
Chanu, who is of French and Arab origin, was convicted on seven counts of wire fraud and is scheduled to be sentenced on 28th June.
Avi Perry, assistant chief of the Criminal Division's Fraud Section, argued for a sentence of four years and nine months, saying the sentence was needed to deter others and restore faith in the markets.
 
"The conduct here perpetuates the perception and unfortunately, the reality, that our markets are unfair," he said.

Vorley and Chanu participated in a multi-year conspiracy to defraud other traders through spoofing, this is when traders are placing orders to buy or sell futures contracts that they never intended to complete, according to their indictment.

https://www.kitco.com/news/2021-06-22/Ex-Deutsche-Bank-traders-found-guilty-of-spoof-orders-in-gold-and-silver-futures-markets.html


<< Previous
Bullboard Posts
Next >>