You are here
Another JPMorgan trader confesses to metals market manipulation, implicates superiors
Former JPMorgan Metals Trader Pleads Guilty to Spoofing Charges
By Kadhim Shubber
Financial Times, London
Tuesday, August 20, 2019
https://www.ft.com/content/1ff58008-c377-11e9-a8e9-296ca66511c9
A second former JPMorgan Chase precious metals trader has pleaded guilty to criminal charges of spoofing, the U.S. Department of Justice said today.
Christian Trunz, who worked at the bank's London, Singapore, and New York offices, admitted placing thousands of orders for gold, silver, and other metals futures contracts that he did not intend to execute, according to the Justice Department.
... Dispatch continues below ...
Storage and Withdrawal of Gold with Bullion Star in Singapore
Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.
Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.
Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage rates are competitive.
For more information, please visit Bullion Star here:
The plea by Mr. Trunz, who prosecutors said resigned today as an executive director at JPMorgan, followed the guilty plea by John Edmonds, another former trader at the bank, last November.
"Trunz learned to spoof from more senior traders, and spoofed with the knowledge and consent of his supervisors," said the Justice Department, which said he was co-operating with its ongoing investigation.
The case is the latest in a series of prosecutions brought by U.S. authorities as they have cracked down on spoofing, which involves placing and rapidly canceling orders in order to dupe the market.
Prosecutors said the conduct occurred between July 2007 and August 2016. The Justice Department did not identify JPMorgan, but the Financial Industry Regulatory Authority lists Mr. Trunz, 34, as an employee of the bank since 2007.
The bank said in a February regulatory filing that it was co-operating with the Justice Department’s investigation.
A JPMorgan spokeswoman declined to comment. An attorney for Mr. Trunz could not be immediately identified.
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Friday-Monday, November 1-4, 2019
https://neworleansconference.com/noic-promo/powellgata/
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
