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Morgan's metals desk chief, two others charged with market rigging

Section: Documentation

JPMorgan Traders Charged by U.S. With Rigging Metals Deals

By Tom Schoenberg
Bloomberg News
Monday, September 16, 2019

Two current and one former precious metals traders at JPMorgan Chase & Co. have been charged with manipulating futures markets in what prosecutors described as a massive, multiyear racketeering conspiracy run out of the bank.

The U.S. Justice Department said today the three men ripped off market participants and even clients as they illegally moved prices for gold, silver, platinum, and palladium. One of those indicted is Michael Nowak, 45, who ran JPMorgan's global precious metals desk. Nowak was placed on leave last month, a person familiar with the matter has said.

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Their actions spanned eight years and involved thousands of unlawful trading sequences, the Justice Department said. The men were indicted on multiple fraud and conspiracy charges, including racketeering.

"These charges should leave no doubt that the Department is committed to prosecuting those who undermine the investing public's trust in the integrity of our commodities markets," Assistant Attorney General Brian Benczkowski said in a written statement.

While the banks weren't identified in the Justice Department statement, other documents related to the case identify JPMorgan. The other traders charged were Gregg Smith, 55 and Christopher Jordan, 47. ...

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