A former Deutsche Bank trader convicted of wire fraud in the U.S. is suing the bank for £12 million ($16.2 million) for training him to break the rules. James Vorley, who worked in DB’s London office, claims senior managers at the bank instructed him to use a trading strategy that resulted in his prosecution.
The bank denies that it taught or instructed staff to use illegal market manipulation methods. In a statement emailed to The Private Banker International on May 6, it said, “We reject the claim and are defending ourselves against it. The bank had, and still has, a very clear market conduct policy which was made clear to employees at the time, and which warned that market manipulation is illegal as well as against bank policy.”
