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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Reuters
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.
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
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.