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JPMorgan Precious-Metal Traders Found Guilty of Spoofing, Had ‘Power to Manipulate the Global Price of Gold’

By Tyler Durden | 11 August 2022

ZERO HEDGE — After a three-week trial and more than eight days of deliberations, Michael Nowak and Gregg Smith were found guilty Wednesday by a federal jury, convicted in Chicago on charges they manipulated markets for years.

A third defendant, Jeffrey Ruffo, who was a salesman on the bank’s precious-metals desk, was acquitted of charges he participated in the conspiracy.

“It’s something that’s been on the minds of many people that were involved in the precious-metals markets in that point in time, and I would say this verdict closes a chapter,” said Phil Streible, the chief market strategist at Blue Line Futures.

“This kind of thing had been going on for at least 15 years or more with people waiting for justice, and I never thought it would ever get closed.”

As the trial began we noted that having already paid over $1 billion in fines (in 2020) for ‘spoofing’ markets, JPMorgan is once again making the wrong kind of headlines as more details of the bank’s manipulations come to light in the trial of three senior precious metals traders. […]

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