The case was brought to the Supreme Court in London by James Vorley, who used to trade in commodities in the London branch of Deutsche Bank. The man reported that his superiors in the company instructed him in such a way that his actions ultimately resulted in fraud.
As he himself claims, instructions from his bosses led him to the American justice system. Even though he was convicted, the man maintains that he is a victim of the whole situation and is demanding compensation of £12 million, reports the Financial Times.
- Once upon a time, such profits would have been shocking. There is new data on banks' results
Sentence for “spoofing” on the precious metals market
The verdict in the Vorley case was handed down in 2020 in Illinois. The man was sentenced to one year in prison for “spoofing” on the precious metals market, which he committed in 2008-2013. This practice involves placing and withdrawing orders instantly. Its purpose is to mislead other investors and create a false impression of demand or supply.
Vorley says the company never warned him that spoofing could result in legal consequences. The man's lawyers claimed that while working at the bank, he allegedly received instructions from various traders to trade in this way.
The bank denies the allegations
Deutsche Bank rejects any claims made by Vorley, emphasizing that the company has a clear market conduct policy and it has been clearly presented to employees. The bank claims that all employees were also warned that market manipulation is illegal and contrary to company policy.
- Who holds the reins of the number two bank in Poland? The competition has been resolved
The bank emphasizes that Vorley also received all necessary training in ethics and should have been aware of the illegality of his actions, and all possible instructions from his superiors were informal.
