In Chats, Silver Mafia Traders Flexed Muscle, Drew Blades

The new evidence is derived from 350,000 pages of bank documents and 75 audio tapes handed over by Deutsche Bank as part of the accord. The traders aren’t identified by name in the filings.

The recorded chats sprinkled with “dude,” “bro,’’ and assorted obscenities are a “smoking gun” bolstering claims that traders rigged silver prices, impacting jewelry prices, silver investments and the earnings of mining companies that sell raw materials to refiners, the plaintiffs say. The traders acted against their own clients’ interest, triggering stop-loss orders and front-running customers trades, according to the documents.

They also gave code names to certain techniques, according to the documents, which explain that “blade” meant placing a series of small orders close to each other in price, and “muscle” referred to placing large orders -- usually when they knew the market was illiquid.

In Chats, Silver ‘Mafia’ Traders Flexed Muscle, Drew Blades