Article: JPMorgan traders indicted for market manipulation, racketeering: feds

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JPMorgan traders indicted for market manipulation, racketeering: feds

Stephanie Pagones

FOX Business, 16 September 2020

Three JPMorgan employees, some of whom were executives, were indicted on charges related to making fake orders of gold, silver and other metals to trick the market, federal Department of Justice announced Monday.

Gregg Smith, 55, Michael Nowak, 45, and Christopher Jordan, 47 and other co-conspirators allegedly manipulated the market by placing orders that they later canceled, in turn deceiving other participants about the actual supply and demand of the precious metals between May 2008 and August 2016, while they worked for JPMorgan’s global precious metals trading desk, the DOJ said.

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