Ex-JPMorgan precious metals traders sentenced in spoofing case
By 
Jeff Dale2023-08-23T16:51:00
Two former precious metals traders at JPMorgan Chase were sentenced after being convicted a year ago for fraud, attempted price manipulation, and spoofing.
Gregg Smith, a former executive director and trader on JPMorgan’s precious metals desk in New York, was sentenced to two years and must pay a $50,000 fine, and Michael Nowak, a former managing director at JPMorgan’s global precious metals desk, was sentenced to one year and one day and to pay a $35,000 fine, the Department of Justice (DOJ) announced in a press release Tuesday.
Smith and Nowak were found guilty in August 2022 for their involvement in tens of thousands of unlawful trading sequences resulting in more than $10 million in losses to market participants.
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