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Former JPMorgan monetary metals traders must face racketeering charges, judge rules
By Jody Godoy
Reuters
Wednesday, August 18, 2021
A federal judge in Chicago said this week four former JPMorgan Chase & Co. employees must face charges including racketeering in a case accusing them of manipulating the prices of precious metals futures.
U.S. District Judge Edmond Chang's ruling Tuesday paves the way for an Oct. 19 trial in the case, which is the U.S. Department of Justice's most aggressive attempt so far to police commodities spoofing, a tactic involving placing orders to move prices and quickly cancelling them.
... Dispatch continues below ...
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Prosecutors allege that former global precious metals desk head Michael Nowak, traders Gregg Smith and Christopher Jordan, and salesperson Jeffrey Ruffo manipulated the prices of gold, silver, platinum, and palladium between 2008 and 2016. ...
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