No market manipulation, huh? The New York Times' d
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Posted On: 09/17/2019 10:50:46 AM
No market manipulation, huh? The New York Times' daily email would disagree.
Quote:
The Justice Department has accused a senior JPMorgan Chase executive and two others at JPMorgan Chase of gaming the precious metals market in a “massive, multiyear scheme,” Katie Benner of the NYT writes.
Michael Nowak, the head of precious metals trading, and two of his colleagues, Gregg Smith and Christopher Jordan, were named in the indictment. Eight unnamed co-conspirators were also listed.
The group is accused of manipulating metals prices by spoofing, which involves placing fake orders to buy and sell futures contracts. That allowed the traders “to generate trading profits and avoid losses for themselves and other members of the precious metals desk,” according to the indictment. Prosecutors say the scheme went on from 2008 to 2016 and generated millions of dollars in profits for the bank.
The practice was inherited from Bear Stearns, where Mr. Smith worked before the firm was acquired by JPMorgan in 2008, according to the indictment.
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