Bre BradhamJuly 21, 2021, 5:16 PM·2 min read
(Bloomberg) — 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...read more...