Ex-JPMorgan traders found guilty in spoofing case

JPMorgan Chase

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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