Ex-Trader Linked to Deutsche Bank Is Aiding U.S. Spoof Probe
- Liew admits to fraud in gold, silver and other metals trading
- Defendant learned to rig prices from co-workers, filings say
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A trader who conspired to manipulate futures contracts in precious metals committed those actions while working at Deutsche Bank AG, according to a person familiar with the matter, and he is now cooperating with prosecutors.
The trader, David Liew, pleaded guilty to fraud on Thursday in federal court in Chicago for his role in the spoofing of contracts for gold, silver, platinum and palladium, according to court papers. Along with spoofing -- which is placing orders without the intent of executing them in an attempt to manipulate the price -- he also acknowledged front-running customers’ orders.