Article: Bank of America Eroded U.S. Spoof Case, Laying Path for JPMorgan

Article - Media

Bank of America Eroded U.S. Spoof Case, Laying Path for JPMorgan

Tom Schoenberg

Bloomberg, 20 February 2020

Bank of America Corp.’s lawyers came through big for their client last year when they whittled down a U.S. case over precious metals spoofing.

Justice Department prosecutors wanted to bring criminal charges, but bank lawyers asked for none and prevailed. Prosecutors named Bank of America throughout the draft settlement document but not in the final version.

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

Article - Media

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

By and

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.