U.S. charges JPMorgan metals traders over alleged market manipulation

) executives on Monday with alleged racketeering and manipulating prices of metals such as gold, silver, platinum and palladium between 2008 and 2016.

The three men – global precious metals desk head Michael Nowak, precious metals trader Gregg F. Smith, and former trader Christopher Jordan, who left JPMorgan in 2009 – were charged with a racketeering conspiracy and other federal crimes, the Department of Justice said in a statement. A spokesman for JPMorgan declined to comment. One of the largest gold traders in the world, the bank said in an August regulatory filing it was “responding to and cooperating with” investigations by various authorities, including the Department of Justice, relating to trading practices in the metals markets.

In a statement and in the indictment, prosecutors described how the trio executed “thousands” of unlawful trading sequences that included “layering” deceptive orders at different prices in rapid succession. Prosecutors also described attempts to influence market prices toward specific price points to trigger or avoid triggering options.

Reuters reported on Sept. 12 that Nowak and Smith had been placed on leave from JPMorgan in connection with the ongoing investigation.

Yet again

In other news, Trump names former JPMorgan trader new SEC chairman.

Our mission at is to build the social media platform that ends fake news

Obviously the Govt were not getting their cut of the loot.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Justice Department charges three traders in market manipulation schemeJP Morgan Chase traders charged with manipulating the precious metals futures market in scheme that cost investors tens of millions. JP Morgan does things like every year, get “fined” and keep doing it. When the fines are worth the crime you have a problem. A stop-loss order is an invitation to a fire sale. What else is new?
Source: NBCNews - 🏆 10. / 86 Read more »

With rate cut likely, market wonders how low Fed will goWith U.S.-China trade tensions roiling markets, investors are counting on suppor... how low can they go! how low can they go! I love it when the whole stability of an economy is rested on the decision of one entity. So strong. To the basement.
Source: Reuters - 🏆 2. / 97 Read more »

Stocks are plunging as traders pile into havens after a drone strike slashed Saudi oil outputEuropean equities and US futures dropped as traders reacted to the oil spike by selling riskier assets and fleeing to safety. Gold surged. What's the sureness? Holding short positions 🤙🏽
Source: BusinessInsider - 🏆 729. / 51 Read more »