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The U.S. Department of Justice has charged top managers at JPMorgan Chase of market manipulation, Reuters reports. For the better part of a decade, according to DoJ charges, traders Gregg Smith, Michael Nowak and Christopher Jordan allegedly manipulated prices of gold, silver, platinum and palladium futures on the New York and Chicago Mercantile Exchanges. JPMorgan Traders Accused Of Market Manipulation
The individuals under indictment hold high-profile roles at JPMorgan Chase & Co. Smith is an executive director and trader on the precious metals desk, while Nowak runs the entire desk as a managing director. Both are still employed at JPMorgan, though they were suspended in light of the indictment.
Jordan left JPMorgan in 2009 but continued to trade precious metals with in other firms.
The trio is accused of spoofing, a practice where the trader places bids to buy or sell contracts which are canceled before execution, allowing them to influence prices to their benefit. The scale involved was massive, with prosecutors alleging that they were conducting thousands of unlawful trading actions while layering orders in rapid succession.
The individuals under indictment hold high-profile roles at JPMorgan Chase & Co. Smith is an executive director and trader on the precious metals desk, while Nowak runs the entire desk as a managing director. Both are still employed at JPMorgan, though they were suspended in light of the indictment.
Jordan left JPMorgan in 2009 but continued to trade precious metals with in other firms.
The trio is accused of spoofing, a practice where the trader places bids to buy or sell contracts which are canceled before execution, allowing them to influence prices to their benefit. The scale involved was massive, with prosecutors alleging that they were conducting thousands of unlawful trading actions while layering orders in rapid succession.
https://thecoinrise.com/bitcoin-is-still-bad-jpmorgan-chase-traders-accused-of-market-manipulation-again/
Oh well, what do you expect from people behind JP Morgan, they made a noise about Bitcoin is 2017 saying nasty things and then manipulating the price in their favor. Now, we see what this company are made of, greedy, manipulators, I'm sure they can pay the fine. But I do hope that their investors would shift their funds to Bitcoin.