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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.
2 months ago·Chicago, United States

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ReutersReuters

Ex-JPMorgan traders cleared of racketeering, found guilty of fraud

Three former JPMorgan Chase & Co employees were 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.

2 months ago·United Kingdom
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CNBCCNBC

Two former JPMorgan metals traders found guilty in landmark 'spoofing' case

Two former JPMorgan Chase employees were found guilty on some charges in a landmark trial over futures market manipulation on Wednesday.

2 months ago·United States
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New York PostNew York Post

Ex-JPMorgan metals traders convicted of fraud, cleared of racketeering

It was the agency’s most aggressive case to date targeting a manipulative futures trading tactic known as spoofing.

2 months ago·New York, United States
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Financial PostFinancial Post

Ex-JPMorgan traders cleared of racketeering, found guilty of fraud

WASHINGTON -- Three former JPMorgan Chase & Co traders were 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. Read More

2 months ago·Canada
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BloombergBloomberg

JPMorgan Precious-Metals Traders Found Guilty in Spoofing Trial

The former head of the JPMorgan Chase & Co. precious-metals business and his top gold trader were convicted in Chicago on charges they manipulated markets for years, handing the US government a win in its long crackdown on bogus “spoofing” orders.

2 months ago·United States
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Wall Street JournalWall Street Journal

Ex-JPMorgan Traders Convicted in Federal Fraud Trial

Justice Department had alleged that the precious-metals traders spoofed gold futures for years.

2 months ago·New York, United States
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