Two ex-JP Morgan Precious Metal Traders Convicted of Attempted Price Manipulation

[Zhorro]

Two ex-employees of JP Morgan have just been convicted "of fraud, attempted price manipulation, and spoofing in a multi-year market manipulation scheme of precious metals futures contracts that spanned over eight years and involved thousands of unlawful trading sequences":

https://www.justice.gov/opa/pr/former-jp-morgan-traders-convicted-fraud-attempted-price-manipulation-and-spoofing-multi-year

This comes just under two years since JP Morgan were fined $920.2M "for manipulative and deceptive conduct and spoofing that spanned at least eight years and involved hundreds of thousands of spoof orders in precious metals and U.S. Treasury futures contracts on the Commodity Exchange, Inc., the New York Mercantile Exchange, and the Chicago Board of Trade":

https://www.cftc.gov/PressRoom/PressReleases/8260-20

[LawrenceChard]

3 hours ago, Zhorro said:

Two ex-employees of JP Morgan have just been convicted "of fraud, attempted price manipulation, and spoofing in a multi-year market manipulation scheme of precious metals futures contracts that spanned over eight years and involved thousands of unlawful trading sequences":

https://www.justice.gov/opa/pr/former-jp-morgan-traders-convicted-fraud-attempted-price-manipulation-and-spoofing-multi-year

This comes just under two years since JP Morgan were fined $920.2M "for manipulative and deceptive conduct and spoofing that spanned at least eight years and involved hundreds of thousands of spoof orders in precious metals and U.S. Treasury futures contracts on the Commodity Exchange, Inc., the New York Mercantile Exchange, and the Chicago Board of Trade":

https://www.cftc.gov/PressRoom/PressReleases/8260-20

Is there any detailed information how any of this affected metal prices, which presumably included silvr and gold!

😎

[dicker]

3 hours ago, LawrenceChard said:

Is there any detailed information how any of this affected metal prices, which presumably included silvr and gold!

😎

Very hard to establish in a fast moving highly liquid market.

I guess these people are the reason I hat to sit through hours of training on spoofing while working at JPM….

[Zhorro]

7 hours ago, LawrenceChard said:

Is there any detailed information how any of this affected metal prices, which presumably included silvr and gold!

😎

I think detailed information is scarce, but

' “They had the power to move the market, the power to manipulate the worldwide price of gold,” prosecutor Avi Perry said during closing arguments. '

https://www.zerohedge.com/commodities/jpmorgan-precious-metal-traders-found-guilty-spoofing-had-power-manipulate-global-price