JPMorgan's, $JPM, former precious-metals desk head and his top gold trader are asking to be spared from prison sentences for spoofing the market

JPMorgan's, $JPM, former precious-metals desk head and his top gold trader are asking to be spared from prison sentences for spoofing the market.

Michael Mowak and Gregg Smith were found guilty regarding JPMorgan and their spoofing of precious metals in October. 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.

Read more: https://unusualwhales.com/news/jpmorgan-traders-found-guilty-of-spoofing-the-market?ref=unusual-whales.ghost.io

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.