Former Head of JP Morgan Chase found Guilty of Manipulating the Market for Years

It’s about time the rigged ass system put some crooks away.

Updated onAugust 10, 2022, 5:02 PM CDT The former head of the JPMorgan Chase & Co. precious-metals business and his top gold trader were convicted in Chicago on charges they manipulated markets for years, handing the US government a win in its long crackdown on bogus “spoofing” orders.

Michael Nowak and Gregg Smith were found guilty Wednesday by a federal jury after a three-week trial and more than eight days of deliberations. Prosecutors presented evidence that included detailed trading records, chat logs and testimony by former co-workers who “pulled back the curtain” on how Nowak and Smith moved precious-metals prices up and down for profit from 2008 to 2016.

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A salesman on the desk, Jeffrey Ruffo, was acquitted of charges he participated in the conspiracy.


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