A federal jury in Chicago convicted the two former traders JPMorgan Chase & Co.’s precious metals desk was accused of manipulating gold prices after it was found to have used misleading orders to exchange prices.
The convictions are the cornerstone of a seven-year Justice Department campaign to punish a style of deceptive trading in futures markets known as spoofing. The rapid-fire strategy was prevalent at some Wall Street banks before and after Congress outlawed counterfeiting in 2010, according to prosecutors. JPMorgan paid $920 million in 2020 to settle regulatory and criminal charges against the bank over trader conduct.
Former JPMorgan traders convicted in fraud trial
Source link Former JPMorgan traders convicted in fraud trial