JPMorgan traders found guilty of spoofing the market

8/10/2022

Per Bloomberg:

Michael Mowak and Gregg SMith were found guilty regarding JPMorgan and their spoofing of precious metals. Prosecutors presented evidence, per Bloomberg, including detailed trading records, chat logs and testimony by former workers.

The three men are accused of a scheme to use the tactic to manipulate futures on metals such as gold, silver, platinum and palladium between 2008 and 2016.

Prosecutor Matthew Sullivan said during closing arguments on Thursday that Nowak and Smith taught the pair to spoof as part of a yearslong scheme.

"The defendants had power and influence, and together they abused their positions and rigged the precious metals markets for their own gain," he said.

Commodities manipulation and in particular spoofing have become a major focus of the Justice Department, which has brought several other cases in recent years, including against NatWest and former traders at Deutsche Bank and UBS.

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