A federal jury convicted two men for engaging in a multi-year fraud
scheme to manipulate U.S. commodities markets for publicly traded
precious metals futures contracts.

According to court documents and evidence presented at trial, Edward
Bases, 59, of New Canaan, Connecticut, a former senior trader employed
at Deutsche Bank and Bank of America in New York, and John Pacilio,
57, of New York, New York, a former senior trader employed at Bank of
America and Morgan Stanley in New York, fraudulently pushed market
prices up or down by routinely placing large "spoof" orders in the
precious metals futures markets that they did not intend to
fill. Bases and Pacilio did so in order to manipulate prices for their
own gain and the banks' gain, and to defraud other traders on the
Commodity Exchange Inc. (COMEX) and the New York Mercantile Exchange
Inc. (NYMEX), both of which are exchanges run by the CME Group
Inc. (CME).

https://www.justice.gov/opa/pr/jury-convicts-two-former-wall-street-bank-traders-wire-fraud-0

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