Analysis

Feds' Spoofing Case Against JPMorgan Traders Turns Heads

Law360 (September 17, 2019, 9:17 PM EDT) -- Federal prosecutors have raised the stakes in their anti-spoofing campaign by bringing racketeering conspiracy charges in a case against JPMorgan Chase & Co. traders who allegedly manipulated precious metals futures prices, a development that is raising eyebrows among the white-collar defense bar.

Michael Nowak, a supervisor on JPMorgan's metals desk, and trader Gregg Smith were indicted Monday in Illinois federal court alongside former trader Christopher Jordan. The 14-count indictment alleges the three men were part of a scheme to deceive other participants in the commodities markets via thousands of spoofed orders between 2008 and 2016.

Prosecutors allege the scheme violated six criminal...

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