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Ex-JPMorgan gold trader sentenced to six months in 'spoof' case
By Joe Deaux and Kim Chipman
Bloomberg News
Friday, September 15, 2023
A former JPMorgan Chase & Co. gold trader was ordered to serve six months behind bars for a fraud conviction tied to deceptive orders, the last criminal penalty imposed in a years-long spoofing saga at the bank.
Christopher Jordan was sentenced today in Chicago by U.S. District Judge Edmond Chang. Jordan was convicted in December for placing deceptive spoofing orders from 2008 to 2010 that witnesses testified were rampant among traders on JPMorgan's precious-metals desk.
The sentence comes weeks after JPMorgan's former top gold trader, Gregg Smith, was given a two-year prison term -- the stiffest sentence in the U.S. government's crackdown on questionable trading practices.
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The desk's former "boss," Michael Nowak, got a year behind bars, while two others who pleaded guilty in the case and cooperated with authorities avoided prison.
The JPMorgan cases were the crown jewels of the federal spoofing crackdowns on some major Wall Street banks, including Bank of America Corp., Deutsche Bank, and Morgan Stanley. JPMorgan agreed in 2020 to pay $920 million to settle allegations brought by the Justice Department. It was the biggest fine by any financial institution accused of market manipulation since the Global Financial Crisis. ...
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