Fifth JPMorgan Chase metals trader convicted of fraud in DOJ spoofing case

JPMorgan Chase

A former JPMorgan Chase and Credit Suisse precious metals trader was convicted of fraud Friday, wrapping up a long-running Department of Justice (DOJ) investigation into the manipulation of the precious metals markets from 2008-16.

Christopher Jordan, a former executive director and trader on JPMorgan’s precious metals desk, was convicted of one count of wire fraud affecting a financial institution in U.S. District Court for the Northern District of Illinois, the DOJ announced in a press release. He faces up to 30 years in prison and will be sentenced at an unspecified date.

Between 2008-10, Jordan allegedly placed thousands of orders for gold and silvers futures on the Commodity Exchange (COMEX) that he intended to cancel, in an attempt to “drive prices in a direction more favorable to orders he intended to execute on the opposite side of the market,” the DOJ said. This deceptive trading practice is called “spoofing.” COMEX is operated by CME Group.

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