Ex-Wall Street Precious Metal Traders Sentenced for Wire Fraud

Edward Bases and John Pacilio, former Wall Street traders, have been sentenced to one year and one day in prison for their role in a fraud scheme to manipulate US commodities markets in New York, according to the Department of Justice Thursday.

The pair fraudulently moved market prices up and down by placing “spoof” orders in the precious metal futures markets, the agency said.

The two were convicted of conspiracy to commit wire fraud affecting a financial institution and multiple counts of wire fraud affecting a financial institution. Pacilio was also convicted of commodities fraud, said DOJ.

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