Tag: Edmonds

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Article: US Authorities Build Case Against JP Morgan Over Market Manipulation For Precious Metals

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US Authorities Build Case Against JP Morgan Over Market Manipulation For Precious Metals

Mike Papantonio, 29 February 2020

Via America’s Lawyer: RT correspondent Michele Greenstein joins Mike Papantonio to walk us through a developing criminal case against bank behemoth JPMorgan, which is being accused yet again of manipulating precious metals markets for the express profit of its own clients and investors.

Mike Papantonio: Federal prosecutors are turning their attention towards bank behemoth JP Morgan, which is accused of manipulating gold and silver prices for the benefit of their clients and their shareholders. Michele Greenstein joins me now to explain what’s happening with this case. First off, run us through these allegations, Michele, you’ve covered this story a fair amount. It’s, it’s a story that again, corporate media isn’t covering this one. What is your take on this story?

Michele Greenstein: Well, US authorities are building a case, although formal accusations have not been made against the bank, but according to two people who are familiar with the matter who spoke with Bloomberg news, US authorities, like we said, are building a criminal case against JP Morgan. Now both the bank and the DOJ declined to comment, but a bank spokesperson did confirm that the DOJ is investigating “trading practices in the metal market and related conduct.” So Pap, what we’re talking about here is metal market manipulation that is intentionally misleading or spoofing members of the metals market. So gold, silver, platinum, palladium, all of these are the precious metals, right? And what market manipulation looks like is this.

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Article: Racketeering Law Makes Its Return to Wall Street

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Racketeering Law Makes Its Return to Wall Street

Peter J. Henning

The New York Times 24 October 2019

Prosecutors have not brought a case under the Racketeer Influenced and Corrupt Organizations Act, or RICO, against Wall Street traders since the investment firm Princeton Newport Partners was indicted in the mid-1980s. The RICO charges filed recently against three traders at JPMorgan Chase indicate that prosecutors may be resurrecting the law to target white-collar defendants.

Prosecutors accused Michael Nowak, who was the head of precious metals trading at the bank, along with Gregg Smith and Christopher Jordan, of organizing the precious metals desk as a RICO enterprise to engage in “spoofing,” as well as wire and bank fraud in which JPMorgan and its customers were the victims

“Spoofing,” which was made a crime by the Dodd-Frank Act, happens when traders are “bidding or offering with the intent to cancel the bid or offer before execution.”

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Article: Three J.P. Morgan precious metals traders charged as criminal probe continues

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Three J.P. Morgan precious metals traders charged as criminal probe continues

Dawn Giel

CNBC, 16 September 2019

Federal prosecutors on Monday accused three J.P. Morgan precious metals traders, including the global head of base and precious metals trading, of participating in a racketeering conspiracy in connection with a multiyear scheme to manipulate the markets and defraud customers.

The alleged scheme saw the nation’s largest bank by assets profit handsomely, while investors suffered losses.

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Article: Another ex-JPMorgan precious metals trader pleads guilty to ‘spoofing,’ is cooperating with Feds

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Another ex-JP Morgan precious metals trader pleads guilty to ‘spoofing,’ is cooperating with Feds

Dawn Giel

CNBC, 26 August 2019

Key Points
  • A former J.P. Morgan precious metals traders pleaded guilty Tuesday to criminal charges of manipulating the precious metals markets for nine years.
  • Christian Trunz, 34, of London is cooperating with an ongoing federal criminal investigation.
  • The Justice Department is conducting multiple criminal investigations into big banks with the cooperation of traders who have pleaded guilty to spoofing-related crimes.
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Article: Another ex-JP Morgan precious metals trader pleads guilty to ‘spoofing,’ is cooperating with Feds

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Another ex-JP Morgan precious metals trader pleads guilty to ‘spoofing,’ is cooperating with Feds

Dawn Giel

CNBC, 20 August 2019

Another former J.P. Morgan precious metals trader pleaded guilty Tuesday to criminal charges of manipulating the precious metals markets for nine years, marking the latest conviction in the Justice Department’s crackdown in the commodities markets.

Christian Trunz, 34, of London is cooperating with an ongoing federal criminal investigation, the Justice Department said. He pleaded guilty to one count of conspiracy and one count of spoofing in the U.S. District Court in Brooklyn.

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Article: How ex-JP Morgan silver trader’s guilty plea could boost manipulation claim against bank

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How ex-JP Morgan silver trader’s guilty plea could boost manipulation claim against bank

Dawn Giel, Dan Mangan

CNBC, 13 November 2018

A previously secret guilty plea by a former commodity trader at J. P. Morgan Chase, who admitted that he rigged precious metals markets, has drawn the attention of a lawyer who has already accused traders at the nation’s largest bank of similar conduct.

The lawyer, David Kovel, told CNBC he was struck by how much in common his civil case pending in New York federal court against J. P. Morgan Chase has with the conduct outlined in the ongoing criminal case in Connecticut against John Edmonds.

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Article: How ex-JP Morgan silver trader’s guilty plea could boost manipulation claim against bank

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How ex-JP Morgan silver trader’s guilty plea could boost manipulation claim against bank

Dawn Giel, Dan Mangan, 13 November 2018

A previously secret guilty plea by a former commodity trader at J. P. Morgan Chase, who admitted that he rigged precious metals markets, has drawn the attention of a lawyer who has already accused traders at the nation’s largest bank of similar conduct.

The lawyer, David Kovel, told CNBC he was struck by how much in common his civil case pending in New York federal court against J. P. Morgan Chase has with the conduct outlined in the ongoing criminal case in Connecticut against John Edmonds.

Edmonds, a 36-year-old Brooklyn resident, pleaded guilty in October to fraudulently manipulating the precious metals markets from 2009 to 2015.

He admitted working with “unnamed co-conspirators” at his former employer, J. P. Morgan, the Justice Department made public Nov. 6, when it unsealed the case in U.S. District Court in Connecticut.

Edmonds’ criminal plea related to “spoofing,” a certain type of improper trading that has been the subject of a broader regulatory crackdown on market manipulation in the decade since the 2008 financial crisis.

So far this year, the Commodity Futures Trading Commission has announced 26 enforcement actions that involved market manipulation, attempted manipulation, false reporting, spoofing or deceptive conduct. That is more than double the number in 2017 — and six times that in 2016.

Prosecutors said Edmonds learned the deceptive strategy “from more senior traders” at the bank, and that he “personally deployed this strategy hundreds of times with the knowledge and consent of his immediate supervisors.” His guilty plea related specifically to trading in silver futures contracts, as well as in gold, platinum and palladium futures.

Nearly four years ago, Kovel sued J. P. Morgan on behalf of a colorful hedge fund operator and big-stakes poker player, Daniel Shak, and two metals traders, Mark Grumet and Thomas Wacker. The civil lawsuit accused J. P. Morgan of manipulating the silver futures market from 2010 through 2011, costing Kovel’s clients $30 million in losses.

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Article: Russian and British national guilty of elaborate $1 million fraud following private prosecution

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Russian and British national guilty of elaborate $1 million fraud following private prosecution

Edmonds, Marshall, McMahon, 13 December 2017

On the 13th December 2017, Andrey Kulich was unanimously convicted in a private prosecution for his involvement in a $1 million conspiracy to defraud Argyn Khassenov, following a four-week trial at Birmingham Crown Court.

Andrey Kulich, a Russian and British national, of Newham Bridge, Worcestershire, was sentenced to a total of 5 years imprisonment and confiscation proceedings will follow.

Commenting on the case, Tamlyn Edmonds, Partner at Edmonds Marshall McMahon who was instructed by the victim of the fraud, Argyn Khassenov, said: Continue reading “Article: Russian and British national guilty of elaborate $1 million fraud following private prosecution”

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