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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefHSBC to pay $45M to settle CFTC spoofing, recordkeeping violations
HSBC was fined $45 million by the Commodity Futures Trading Commission over allegations its traders used manipulative and deceptive trading practices. The bank and its subsidiaries were separately fined $30 million by the CFTC for business use of off-channel communications by employees.
-
ArticleFifth JPMorgan Chase metals trader convicted of fraud in DOJ spoofing case
A former JPMorgan Chase and Credit Suisse precious metals trader was convicted of fraud, wrapping up a long-running Department of Justice investigation into the manipulation of the precious metals markets from 2008-16.
-
ArticleEx-JPMorgan traders found guilty in spoofing case
Gregg Smith and Michael Nowak, former precious metals traders at JPMorgan Chase, were found guilty of fraud, attempted price manipulation, and spoofing as part of a near decade-long market manipulation scheme involving thousands of illegal trades.
More from Regulatory Enforcement
-
News BriefCFPB pullback signals further shift toward industry-friendly regulation
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
-
News BriefTrump’s CFPB, dismissing Comerica case, continues to cut down Biden-era lawsuits
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
-
News BriefCash App parent to pay $40 million for alleged BSA/AML violations in New York
Block Inc., maker of the popular Cash App, has been hit with a $40 million fine by New York for its alleged failure to report suspicious activity. The move marks the latest in a string of recent state and federal enforcement actions against the company.