- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2022-08-11T19:41:00
Two 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.
A federal jury in the Northern District of Illinois convicted Gregg Smith, a former executive director and trader on JPMorgan’s precious metals desk in New York, and Michael Nowak, a former managing director at JPMorgan’s global precious metals desk, the Department of Justice (DOJ) announced in a press release Wednesday.
The guilty verdicts follow a $920 million fine against JPMorgan in September 2020 levied by the Commodity Futures Trading Commission (CFTC), which worked in conjunction with the Securities and Exchange Commission and DOJ.
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Two former precious metals traders at JPMorgan Chase were sentenced after being convicted a year ago for fraud, attempted price manipulation, and spoofing.
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.
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