Federal prosecutors on Monday charged three JP Morgan Chase traders with manipulating the precious metals futures market in a scheme that cost investors tens of millions.
The scheme is similar to those documented in"Flash Boys," a 2014 book by nonfiction author Michael Lewis. The book ignited a firestorm on Wall Street over the practices of high-speed trading and"spoofing," where traders try to send in fictitious buy orders. The traders, according to the indictment, also allegedly conducted the scheme in reverse whenever they needed to drive down the price, submitting fictitious sell orders.
In a statement, attorneys for Nowak said it was"truly regrettable that the DOJ decided to go forward with a prosecution" of their client, adding that Nowak"has done nothing wrong." In a call with reporters Monday, Benczkowski said the Justice Department would continue to use data to develop cases, as they have with probes related to the opioid crisis.
kirillklip
Never fear they won’t be put in jail or their assets seized.
Jamie Dimon is as big a crook as there is. Been cheating people for decade's. Should be rotting in prison.
Shocker. One of the biggest globalist ran companies is crooked. 🤭 what will your next article be about? The fact that the Rothschild family and their group of greedy goons have funded every side to every war for profit? Or is that too real for you...
A stop-loss order is an invitation to a fire sale.
What else is new?
JP Morgan does things like every year, get “fined” and keep doing it. When the fines are worth the crime you have a problem.