Three former JPMorgan Chase employees faced a federal trial in Chicago on Friday on accusations they helped turn their trading desk into a criminal...
Three former JPMorgan Chase employees faced a federal trial in Chicago on Friday on accusations they helped turn their trading desk into a criminal enterprise that faked precious metals futures orders to manipulate prices.
The bank’s JPM 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 Justice Department’s most aggressive case to date targeting the manipulative trading tactic known as spoofing. Better Markets, a Washington nonprofit that advocates for stronger financial regulation, called the case a “potential gamechanger” because the racketeering statute would allow prosecutors to seek harsh sentences if the defendants are convicted.
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Ex-Soccer Bosses Sepp Blatter, Michel Platini Acquitted In FIFA Corruption TrialI am a senior reporter for the Forbes breaking news team, covering health and science from the London office. Previously I worked as a reporter for a trade publication covering big data and law and as a freelance journalist and policy analyst covering science, tech and health. I have master’s degrees in Biological Natural Sciences and the History and Philosophy of Science from Downing College, Cambridge University. Follow me on Twitter theroberthart or get in touch at rhartforbes.com
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