Ex-Merrill Lynch Traders Convicted Of Manipulating Market

Law360 (August 4, 2021, 3:04 PM EDT) — An Illinois federal jury on Wednesday convicted two former Merrill Lynch traders on charges that they fraudulently manipulated the precious metals market with false orders that faked the impression of supply and demand so they could execute genuine orders at more favorable prices.

The former traders were found guilty of wire fraud and conspiring to commit wire fraud in their scheme to manipulate the precious metals market. (Brian Ach/AP Images for AP Images for Bank of America Merrill Lynch) The jury found former traders Edward Bases and John Pacilio guilty of conspiring to commit wire fraud by placing large buy and sell orders…