My spidey senses tell me that this is going to be a big deal…
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www.justice.gov/opa/pr/current-and-former-precious-metals-traders-charged-multi-year-market-manipulation
Department of Justice
Office of Public Affairs
FOR IMMEDIATE RELEASE
Monday, September 16, 2019
Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
Two current precious metals traders and one former trader in the New York offices of a U.S. bank (Bank A) were charged in an indictment unsealed today for their alleged participation in a racketeering conspiracy and other federal crimes in connection with the manipulation of the markets for precious metals futures contracts, which spanned over eight years and involved thousands of unlawful trading sequences.
Charged in the indictment are:
Gregg Smith, 55, of Scarsdale, New York. Smith was an executive director and trader on Bank A’s precious metals desk in New York. He joined Bank A in May 2008 after it acquired another U.S. bank (Bank B).
Michael Nowak, 45, of Montclair, New Jersey. Nowak was a managing director and ran Bank A’s global precious metals desk. He joined Bank A in July 1996.
Christopher Jordan, 47, of Mountainside, New Jersey. Jordan joined Bank A in March 2006 and was an executive director and trader on Bank A’s precious metals desk in New York. Jordan left Bank A in December 2009 and worked as a precious metals trader at a Swiss bank (Bank C) in New York from March 2010 until August 2010. From June 2011 until October 2011, Jordan traded precious metals futures contracts as an employee of a financial service company (Company D) in New York.
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JPMorgan bank execs charged with racketeering to manipulate precious metals markets for at least 8 years!!!
RICO conspiracy charges have been unsealed for JPMorgan Bank!#ButNothingsHappening t.co/BZkzUNHDzJ
— DawsonSField (@DawsonSField) September 16, 2019
Obama what was your DOJ doing?
This racketeering activity began in May 2008 until August 2016.Why were the corruptocrats so desperate to get Hillary elected in 2016? It wasn't about Trump but stopping these investigations! pic.twitter.com/wD6zrulLyW
— DawsonSField (@DawsonSField) September 16, 2019
A few month ago, one of the traders involved in the scheme had DOJ announce his resignation from JPMorgan & his guilty plea at the same time. Which means he flipped before he left this bunch of racketeers. t.co/AuShtpzd7S
— DawsonSField (@DawsonSField) September 16, 2019
In addition, in June of 2019 Merrill Lynch & Bank of America also agreed to flip on their executives & hand over the #receipts for dirty trades from 2008-2014!t.co/Xdf9MnpKI0
— DawsonSField (@DawsonSField) September 16, 2019
h/t The Natural One