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Ex-JPMorgan Traders Convicted in Federal Fraud Trial

Summary by Ground News
A federal jury in Chicago found Michael Nowak, the former head of JPMorgan Chase's precious metals trading desk, and his top trader guilty of wire fraud and spoofing. Spoofing is a form of market manipulation in which a trader places one or more highly-visible orders in the futures market but has no intention of keeping them.

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Bias Distribution

  • 56% of the sources are Center
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Bloomberg broke the news in United States on Wednesday, August 10, 2022.
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