3 JPMorgan Traders Accused Of 8-Year Spoofing Racket

Law360 (September 16, 2019, 8:34 AM EDT) -- One former and two current traders at JPMorgan Chase have been charged with racketeering conspiracy for an alleged eight-year scheme to manipulate the commodities markets, marking the most severe charges to come out of the U.S. Department of Justice’s spoofing probe to date.

The head of JPMorgan’s global precious metals desk, Michael Nowak, 45, executive director and trader Gregg Smith, 55, and former JPMorgan trader Christopher Jordan, 47, were all named in a 14-count indictment alleging they essentially turned the bank's metals trading desk into a criminal enterprise between 2008 and 2016 by placing thousands of deceptive commodities orders.

Smith and...

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