皇冠体育寻求亚洲战略合作伙伴,皇冠代理招募中,皇冠平台开放会员注册、充值、提现、电脑版下载、APP下载。

首页社会正文

皇冠信用网:JPMorgan gold desk ripped off market

admin2022-07-159

线上博彩网址www.99cx.vip)是一个开放皇冠体育网址代理APP下载、皇冠体育网址会员APP下载、皇冠体育网址线路APP下载、皇冠体育网址登录APP下载的官方平台。线上博彩网址上线上博彩网址会员登录线路、线上博彩网址代理网址更新最快。线上博彩网址开放皇冠官方会员注册、皇冠官方代理开户等业务。

“This case is about a criminal conspiracy inside one of Wall Street’s largest banks,” said Lucy Jennings, a prosecutor with the Justice Department’s fraud section. “To make more money for themselves, they decided to cheat.” The trial of three former JPMorgan employees, including the veteran head of precious metals, Michael Nowak, is the most ambitious effort yet in a years-long US crackdown on market manipulation and spoofing.

NEW YORK: The precious-metals business at JPMorgan Chase & Co operated for years as a corrupt group of traders and sales staff who manipulated gold and silver markets for the benefit of the bank and its prized clients, a federal prosecutor has told jurors in Chicago.

“This case is about a criminal conspiracy inside one of Wall Street’s largest banks,” said Lucy Jennings, a prosecutor with the Justice Department’s fraud section. “To make more money for themselves, they decided to cheat.”

The trial of three former JPMorgan employees, including the veteran head of precious metals, Michael Nowak, is the most ambitious effort yet in a years-long US crackdown on market manipulation and spoofing.

Unlike past cases of alleged trading fraud, the trio is accused of a racketeering conspiracy under the 1970 Racketeer Influenced and Corrupt Organisations Act – a criminal law more commonly used against the Mafia rather than global banks.

Nowak, gold trader Gregg Smith and Jeffrey Ruffo, an executive director who specialised in hedge fund sales, are charged with racketeering conspiracy as well as conspiring to commit price manipulation, wire fraud, commodities fraud and spoofing from 2008 to 2016.

All together, Nowak and Smith have been accused of more than two dozen crimes. The three defendants face decades in prison if convicted on all counts.

,

皇冠信用网www.hg108.vip)是一个开放皇冠信用网即时比分、皇冠信用网开户的平台。皇冠信用网平台(www.hg108.vip)提供最新皇冠信用网登录,皇冠信用网APP下载包含新皇冠体育代理、会员APP,提供皇冠信用网代理开户、皇冠信用网会员开户业务。

,

Another trader, Christopher Jordan, who was charged alongside them, is scheduled to go to trial in November.

Spoofing, banned by law in 2010, involves huge orders that traders cancel before they can be executed in a bid to push prices in the direction they want to make their genuine trades profitable.

While cancelling orders isn’t illegal, it is unlawful as part of a strategy intended to dupe others.

“When this trick works, there is somebody else on the other side of the deal that lost,” Jennings told jurors in her opening statement.

“Somebody got ripped off.” She added, “We will prove that all three defendants knew from day one that this trading was wrong and did it anyways.”

Lawyers for Nowak and Smith offered jurors a much different view, saying prosecutors had misrepresented how and why orders are made in the precious-metals market, and insisted that the defendants had never intended to deceive anyone.

They said the government had cherry-picked trading data to create the false impression that the traders were spoofing when they were actually placing real, executable, open-market orders.

网友评论