On January 28, 2009, when Bases was working at Deutsche Bank AG, he launched offers to buy 2,740 gold futures contracts worth around $ 244 million in four and a half minutes, according to Maria Garibotti, vice-president. president chairman of Analysis Group which studied exchange and negotiation data for prosecutors. More than 98% were canceled without being filled, she said.

Across the market, another Deutsche Bank trader that Bases coordinated with sold his 170 contracts worth $ 15,172,500 as the price rose, Garibotti told jurors on Wednesday.

“It shows you how easy it is to manipulate it sometimes,” Bases wrote minutes after the trade in a chat message to fellow Deutsche Bank trader Cedric Chanu, according to Garibotti. Chanu and fellow Deutsche Bank trader James Vorley were sentenced last month to one year in prison each for their 2020 impersonation convictions in a separate trial.

“I fuck the mkt a lot,” Bases said in another post.

Bases and his fellow Merrill Lynch trader, John Pacilio, face federal fraud charges for allegedly spoofing the futures market from 2008 to 2014.

Another episode described by Garibotti involved transactions by Bases and Pacilio on August 9, 2010, while the two were working at Merrill Lynch.

That day, Bases placed an iceberg order to buy 10 platinum contracts, six of which were filled at the time of the placement, she said. Less than 10 seconds after Bases placed this buy order, Pacilio placed an order to sell 205 contracts for $ 15,856,750, almost 90% of what was visible on the trade order book. , Garibotti said. The price dropped and the rest of Bases’ order was filled, she said. Less than a second later, Pacilio’s sell order was canceled, she said.

Garibotti said Analysis Group employees spent about 3,000 hours studying the data from this case over the course of several years, billing the government $ 1.2 million for its work.

Defense attorneys have yet to begin cross-examining Garibotti.

In opening arguments on Tuesday, defense attorney for Bases told the jury that once his client understood that identity theft was illegal, he stopped doing it and that almost all behaviors identified by the government predated the enactment of the Dodd-Frank Act, which specifically prohibited usurpation.

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Source: www.dailymaverick.co.za
This notice was published: 2021-07-22 02:51:37


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