{"id":483366,"date":"2022-08-11T02:20:07","date_gmt":"2022-08-10T23:20:07","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ex-jpmorgan-metals-traders-convicted-of-fraud-cleared-of-racketeering\/"},"modified":"2022-08-11T02:20:07","modified_gmt":"2022-08-10T23:20:07","slug":"ex-jpmorgan-metals-traders-convicted-of-fraud-cleared-of-racketeering","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ex-jpmorgan-metals-traders-convicted-of-fraud-cleared-of-racketeering\/","title":{"rendered":"#Ex-JPMorgan metals traders convicted of fraud, cleared of racketeering"},"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-6a23a5e632b7b\" 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-6a23a5e632b7b\" 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-convicted-of-fraud-cleared-of-racketeering\/#%E2%80%9CEx-JPMorgan_metals_traders_convicted_of_fraud_cleared_of_racketeering%E2%80%9D\" >&#8220;Ex-JPMorgan metals traders convicted of fraud, cleared of racketeering&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CEx-JPMorgan_metals_traders_convicted_of_fraud_cleared_of_racketeering%E2%80%9D\"><\/span>&#8220;Ex-JPMorgan metals traders convicted of fraud, cleared of racketeering&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/JPMORGAN-traders-convicted.jpg?quality=90&amp;strip=all\" \/><\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Three former JPMorgan Chase traders\u00a0were acquitted of racketeering and conspiracy charges in a landmark futures manipulation trial on Wednesday, although two were found guilty on other charges including fraud, a Department of Justice spokesperson said.<\/p>\n<p>The bank\u2019s former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo had been charged by the Justice Department with racketeering and conspiracy in the agency\u2019s most aggressive case to date targeting a manipulative futures trading tactic known as spoofing.<\/p>\n<p>All three men, who had pleaded not guilty, were acquitted of racketeering and conspiracy. Nowak was convicted on 13 other charges including fraud, spoofing and attempted market manipulation, and Smith was convicted on 11 charges. Ruffo, who was only charged with racketeering and conspiracy, was acquitted of both.<\/p>\n<p>Spoofing involves placing and then quickly canceling buy or sell orders to falsely create the impression of high demand or supply. The three defendants were accused of using the tactic to manipulate futures on metals such as gold, silver, platinum and palladium between 2008 and 2016.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>\u201cWhile we are gratified that the jury acquitted Mr. Nowak of racketeering and conspiracy, we are extremely dis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointed by the jury\u2019s verdict on the whole, and will continue to seek to vindicate his rights in court,\u201d Nowak\u2019s attorney David Meister said.<\/p>\n<p>Attorneys for Smith and Ruffo did not im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely provide comment.<\/p>\n<p>Attorneys for Nowak and Smith argued during the trial that their orders were not fraudulent. Ruffo was not a trader, and there is no evidence that he understood others were using illicit tactics, his attorney said during opening arguments.<\/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 racketeering statute, 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 It allows prosecutors to seek harsh sentences if the defendants are convicted.<\/p>\n<p>\u201cToday\u2019s verdict highlights the difficulty of proving that\u00a0traders\u00a0and sales\u00a0traders\u00a0on a desk operated a \u2018criminal enterprise\u2019 or \u2018engaged in a conspiracy\u2019 to commit violations,\u201d said Robert Frenchman, a partner at Mukasey Frenchman LLP in New York, who has worked on other spoofing cases.\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\/08\/10\/ex-jpmorgan-metals-traders-convicted-of-fraud-cleared-of-racketeering\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Ex-JPMorgan metals traders convicted of fraud, cleared of racketeering&#8221; Three former JPMorgan Chase traders\u00a0were acquitted of racketeering and conspiracy charges in a landmark futures manipulation trial on Wednesday, although two were found guilty on other charges including fraud, a Department of Justice spokesperson said. The bank\u2019s former global precious metals desk head Michael Nowak, precious&#8230;<\/p>\n","protected":false},"author":1,"featured_media":483367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/JPMORGAN-traders-convicted.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[132169,70792,70514,71407,76162],"class_list":["post-483366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-8-10-22","tag-jpmorgan-chase","tag-justice-department","tag-trading","tag-trials"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/483366","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=483366"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/483366\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/483367"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=483366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=483366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=483366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}