Deutsche Bank to pay $130 million to settle corruption and fraud charges

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On September 25 last year, a federal jury in Chicago found two former Deutsche Bank precious metals traders, James Vorley and Cedric Chanu guilty of wire fraud affecting a financial institution for their involvements in the fraudulent commodities scheme.

On June 1, 2017, another former Deutsche Bank trader, David Liew pleaded guilty to spoofing and to commit wire fraud affecting a financial institution.

On November 12, 2020, the Justice Department charged in a superseding indictment a fourth Deutsche Bank trader, Edward Bases for engaging in fraud and conspiracy.

In a statement, DOJ Criminal Division Acting Deputy Assistant Attorney Robert Zink said, “Deutsche Bank engaged in a seven-year course of conduct, during which it failed to implement a system of internal accounting controls regarding the use of company funds and falsified its books and records to conceal corrupt and improper payments.”

He added that the German Bank’s traders “sought to manipulate our public financial markets through fraud for five years.”