Post by jakemn on Jul 22, 2021 12:56:57 GMT
I am only posting a portion of this article, as this shows the majority of the story. I can't help but wonder how much of the price of any commodity, any stock is held up by traders conducting some sort of malfeasance. It's been going on forever, will continue to go on. When one person is caught, they just figure out how to be more careful "next time". It's ridiculous. I am sure this goes on in stocks on a daily basis as there are so many more stocks to monitor, instead of just one precious metals market.
Also, this was 2009. Look how long it took prosecute these guys? Here is an idea, make white collar crime that steals large sums of money from people a Capital Crime, with capital punishment for the perpetrator. Include long prison sentences for their immediate supervisor and the next level up. That might get people's attention.
For some reason, I don't think these guys care too much.
Chat logs introduced as evidence by prosecutors at the Chicago spoofing trial of two former precious-metals traders for Bank of America Corp.’s Merrill Lynch unit shows one of them, Edward Bases, bragging about how easy it is to manipulate prices.
On Jan. 28, 2009, when Bases was working at Deutsche Bank AG, he put out bids to buy 2,740 gold futures contracts valued around $244 million over the course of four-and-a-half minutes, according to Maria Garibotti, a vice president at Analysis Group who studied exchange and trading data for prosecutors. More than 98% were canceled without being filled, she said.
On the opposite side of the market, a fellow Deutsche Bank trader Bases coordinated with sold his 170 contracts worth $15,172,500 as the price rose, Garibotti told jurors on Wednesday.
“that does show u how easy it is to manipulate it sometimes,” Bases wrote minutes after the trading in a chat message sent to the other Deutsche Bank trader, Cedric Chanu, according to Garibotti. Chanu and another Deutsche Bank Trader, James Vorley, were sentenced last month to a year in prison each for their convictions in 2020 on spoofing charges at a separate trial.
“I f..k the mkt around a lot,” Bases said in another message.
Also, this was 2009. Look how long it took prosecute these guys? Here is an idea, make white collar crime that steals large sums of money from people a Capital Crime, with capital punishment for the perpetrator. Include long prison sentences for their immediate supervisor and the next level up. That might get people's attention.
For some reason, I don't think these guys care too much.
Chat logs introduced as evidence by prosecutors at the Chicago spoofing trial of two former precious-metals traders for Bank of America Corp.’s Merrill Lynch unit shows one of them, Edward Bases, bragging about how easy it is to manipulate prices.
On Jan. 28, 2009, when Bases was working at Deutsche Bank AG, he put out bids to buy 2,740 gold futures contracts valued around $244 million over the course of four-and-a-half minutes, according to Maria Garibotti, a vice president at Analysis Group who studied exchange and trading data for prosecutors. More than 98% were canceled without being filled, she said.
On the opposite side of the market, a fellow Deutsche Bank trader Bases coordinated with sold his 170 contracts worth $15,172,500 as the price rose, Garibotti told jurors on Wednesday.
“that does show u how easy it is to manipulate it sometimes,” Bases wrote minutes after the trading in a chat message sent to the other Deutsche Bank trader, Cedric Chanu, according to Garibotti. Chanu and another Deutsche Bank Trader, James Vorley, were sentenced last month to a year in prison each for their convictions in 2020 on spoofing charges at a separate trial.
“I f..k the mkt around a lot,” Bases said in another message.