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Ex-JPMorgan traders' 'spoofed' trades were genuine, defense says as trial opens
By Jody Godoy
Reuters
Friday, July 8, 2022
The closely watched criminal trial of three former JPMorgan Chase & Co (JPM.N) employees kicked off on Friday, with a prosecutor saying they "ripped off" the precious metals futures market with fake orders and defense attorneys saying the orders were genuine.
The bank's former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo are charged with racketeering and conspiracy in the U.S. Justice Department's most aggressive case to date targeting the manipulative trading tactic known as spoofing.
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Spoofing involves placing fake sell or buy orders and then canceling them with the goal of moving the price.
Prosecutor Lucy Jennings told jurors that each played a role in the scheme, which involved creating phantom supply or demand by placing buy or sell orders they never intended to fill, and then profiting from trades in the other direction.
"Either way, somebody got ripped off," she said.
There is no doubt that orders were placed and then canceled, said Jonathan Cogan, an attorney for Smith....
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