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Two of three JPMorgan gold traders convicted of market rigging via 'spoofing'
By Joe Deaux
Bloomberg News
Wednesday, August 10, 2022
The former head of the JPMorgan Chase & Co. precious-metals business and his top gold trader were convicted in Chicago on charges they manipulated markets for years, handing the US government a win in its long crackdown on bogus “spoofing” orders.
Michael Nowak and Gregg Smith were found guilty today by a federal jury after a three-week trial and more than eight days of deliberations.
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Prosecutors presented evidence that included detailed trading records, chat logs and testimony by former co-workers who “pulled back the curtain” on how Nowak and Smith moved precious-metals prices up and down for profit from 2008 to 2016.
A salesman on the bank’s precious-metals desk, Jeffrey Ruffo, was acquitted of charges he participated in the conspiracy. ...
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