Posted on 8/24/2023, 2:16:58 AM by ransomnote
excerpt:Defendants Were J.P. Morgan’s Former Head of Global Precious Metals Business and J.P. Morgan’s Former Head Gold Trader in New YorkTwo former precious metals traders at JPMorgan Chase & Co. (JPMorgan) were sentenced today for engaging in fraud, attempted price manipulation, and spoofing as part of a market manipulation scheme that spanned over eight years, involved tens of thousands of unlawful trading sequences, and resulted in over $10 million in losses to market participants.
Gregg Smith, 59, of Scarsdale, New York, was sentenced to two years in prison and a $50,000 fine. Michael Nowak, 49, of Montclair, New Jersey, was sentenced to one year and one day in prison and a $35,000 fine.