Two former precious metal traders at JPMorgan Chase & Co. (JPM) await sentencing after a federal jury in the Northern District of Illinois convicted them on charges of fraud, attempted price manipulation, and spoofing starting in May, 2008 and up to Aug., 2016. Federal prosecutors said Wednesday that Gregg Smith, 57, of Scarsdale, N.Y., and Michael Nowak, 47, of Montclair, N.J., "engaged in thousands of deceptive trading sequences" for gold, silver, platinum, and palladium futures contracts traded through the New York Mercantile Exchange Inc. (NYMEX) and Commodity Exchange Inc. (COMEX). Smith was convicted of one count of attempted price manipulation, one count of spoofing, one count of commodities fraud, and eight counts of wire fraud affecting a financial institution. Nowak was convicted of one count of attempted price manipulation, one count of spoofing, one count of commodities fraud, and 10 counts of wire fraud affecting a financial institution. Also in the three-week trial, Smith, Nowak and ex-salesperson Jeffrey Ruffo were acquitted of racketeering and conspiracy charges, Reuters reported, citing a Department of Justice spokesperson.
(END) Dow Jones Newswires
August 11, 2022 07:55 ET (11:55 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.