{"id":472271,"date":"2022-07-08T22:37:58","date_gmt":"2022-07-08T19:37:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ex-jpmorgan-metals-traders-face-trial-on-racketeering-charges\/"},"modified":"2022-07-08T22:37:58","modified_gmt":"2022-07-08T19:37:58","slug":"ex-jpmorgan-metals-traders-face-trial-on-racketeering-charges","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ex-jpmorgan-metals-traders-face-trial-on-racketeering-charges\/","title":{"rendered":"#Ex-JPMorgan metals traders face trial on racketeering charges"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a28e453708f6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a28e453708f6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ex-jpmorgan-metals-traders-face-trial-on-racketeering-charges\/#%E2%80%9CEx-JPMorgan_metals_traders_face_trial_on_racketeering_charges%E2%80%9D\" >&#8220;Ex-JPMorgan metals traders face trial on racketeering charges&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CEx-JPMorgan_metals_traders_face_trial_on_racketeering_charges%E2%80%9D\"><\/span>&#8220;Ex-JPMorgan metals traders face trial on racketeering charges&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Three former\u00a0JPMorgan\u00a0Chase employees\u00a0face\u00a0a federal\u00a0trial\u00a0in Chicago on Friday on accusations they\u00a0helped turn\u00a0their trading desk into a criminal enterprise\u00a0that faked precious metals futures orders\u00a0to manipulate prices.<\/p>\n<p>The bank\u2019s former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo are charged with\u00a0racketeering\u00a0and conspiracy in the\u00a0Justice Department\u2019s most aggressive case to date targeting the manipulative trading tactic known as spoofing.<\/p>\n<p>The tactic involves placing and then quickly canceling buy or sell orders to falsely create the impression of high demand or supply. The three men are accused of using the tactic to manipulate futures on metals such as gold, silver, platinum and palladium between 2008 and 2016.<\/p>\n<p>Attorneys for the defendants did not reply to a request for comment on Thursday.<\/p>\n<p>Spoofing was outlawed in 2010 when Congress passed the Dodd-Frank Act after the financial crisis. Since then, prosecutors have argued that earlier instances constituted fraud.<\/p>\n<p>The\u00a0racketeering\u00a0statute, a federal law enacted in 1970 to take down the mafia, is rarely used to prosecute corporate crime. It allows prosecutors to charge a group of individuals, including those indirectly involved in alleged wrongdoing, on the basis they participated in a \u201ccriminal enterprise.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/jpmorgan-racketeering1.jpg?w=1024\" alt=\"JP Morgan Chase CEO Jamie Dimon\" class=\"wp-image-22972957\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/jpmorgan-racketeering1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/jpmorgan-racketeering1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/jpmorgan-racketeering1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Jamie DImon\u2019s JPMorgan agreed in 2020 to pay more than $920 million and admitted to wrongdoing to settle with the DOJ and Commodity Futures Trading Commission.<\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>Better Markets, a Washington nonprofit that advocates for stronger financial regulation, called the case a \u201cpotential <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>changer\u201d because the\u00a0racketeering\u00a0statute would allow prosecutors to seek harsh sentences if the defendants are convicted.<\/p>\n<p>In addition to\u00a0racketeering\u00a0and conspiracy, Nowak\u00a0faces 13 other\u00a0charges\u00a0including fraud, spoofing and attempted market manipulation, and Smith\u00a0faces 11 additional\u00a0charges.<\/p>\n<p>Christopher Jordan, a trader who left\u00a0JPMorgan\u00a0in 2009, has also been charged and will be tried separately.<\/p>\n<p>The\u00a0trial\u00a0before a jury is\u00a0expected to take around five weeks. Prosecutors are\u00a0expected to call three former\u00a0traders\u00a0as cooperating witnesses, all of whom have separately pleaded guilty to related\u00a0charges. Alleged victims of the scheme may also take the stand, according to court papers.<\/p>\n<p>Commodities manipulation and in particular spoofing have become a major focus of the Justice Department, which has brought several other cases in recent years, including against NatWest and former\u00a0traders\u00a0at Deutsche Bank and\u00a0UBS.<\/p>\n<p>JPMorgan\u00a0also agreed in 2020 to pay more than $920 million and admitted to wrongdoing to settle with the DOJ and Commodity Futures Trading Commission over the conduct of the\u00a0traders\u00a0who have pleaded guilty or are facing\u00a0trial.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/07\/08\/ex-jpmorgan-metals-traders-face-trial-on-racketeering-charges\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Ex-JPMorgan metals traders face trial on racketeering charges&#8221; Three former\u00a0JPMorgan\u00a0Chase employees\u00a0face\u00a0a federal\u00a0trial\u00a0in Chicago on Friday on accusations they\u00a0helped turn\u00a0their trading desk into a criminal enterprise\u00a0that faked precious metals futures orders\u00a0to manipulate prices. The bank\u2019s former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo are charged with\u00a0racketeering\u00a0and conspiracy&#8230;<\/p>\n","protected":false},"author":1,"featured_media":472272,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/jpmorgan-racketeering.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[131154,71939,70792,70514,122353,76162],"class_list":["post-472271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-7-8-22","tag-banks","tag-jpmorgan-chase","tag-justice-department","tag-racketeering","tag-trials"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/472271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=472271"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/472271\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/472272"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=472271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=472271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=472271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}