Two current and one former JPMorgan precious metals traders are arrested by the FBI for 'manipulating the market and sending thousands spoofing orders'
Two current and one former JPMorgan Chase employees have been arrested and charged by the FBI for their alleged participation in a racketeering conspiracy in connection with the manipulation of the markets for precious metals.
Michael Nowak, 45, and Gregg Smith, 55, are on leave, making them the third and fourth JPMorgan employees to be connected to the criminal investigation, which has resulted in guilty pleas from two former JPMorgan metals traders.
Christopher Jordan, 47, who left the company in 2009, was an executive director and trader on JPMorgan's precious metals desk in New York.
All three were arrested as part of a spoofing investigation. Spoofing involves placing bids to buy or offers to sell contracts with the intent to cancel them before execution.
By creating an illusion of demand, spoofers can influence prices to benefit their market positions.
https://www.dailymail.co.uk/news/art...ested-FBI.html
