Article: JPMorgan’s Metals Desk Was a Criminal Enterprise, U.S. Says

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JPMorgan’s Metals Desk Was a Criminal Enterprise, U.S. Says

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Bloomberg

  • U.S. invokes racketeering law in charging three metals traders
  • RICO statute is rarely used in cases involving big banks

The head of the bank’s global precious metals desk, Michael Nowak, 45, and two others ripped off market participants and even clients as they illegally moved prices for gold, silver, platinum and palladium, the Justice Department said Monday. Nowak was placed on leave last month, a person familiar with the matter has said. The other traders charged were Gregg Smith, 55 and Christopher Jordan, 47.