Precious metals traders at JP Morgan made millions through fraudulent trades, operating a sprawling criminal conspiracy to manipulate prices, according to the US Justice Department, which appears to be signaling a crackdown.
Current and former JP Morgan precious metals traders Gregg Smith, Michael Nowak, and Christopher Jordan engaged in “a massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants,” Assistant Attorney General Brian Benczkowski said in a Justice Department statement released on Monday. The DOJ claimed the bankers made millions of dollars by defrauding other market participants, including some of their own clients, in thousands of illegal trade sequences.
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