Afternoon everyone ….
The evil empire JP Morgan is in the news once again…
It’s no secret that JP Morgan is the shadiest company around when it comes to manipulation of precious metals. They’ve been fined several times over the years. Most recently was in 2020.
But people are starting to go down for these criminal offenses finally.
You can read the full article on Bullionstar’s website. Buy here is a quick synopsis of what has happened. Both of the convicted have filed appeals already. Shocker….
Over the last few years, those in the precious metals investor community who believed that precious metals prices were being manipulated felt vindicated following a series of prosecutions of leading investment banks and their traders by US authorities such as the Department of Justice, and Federal Bureau of Investigation, not least the successful convictions of precious metals traders who worked for JP Morgan.
These trader convictions included:
A successful US criminal trial prosecution by a federal jury of Michael Nowak (former head of JP Morgan’s precious metals trading desk), and Gregg Smith (former JP Morgan precious metals trader) in August 2022.
Nowak was convicted for 13 counts of attempted price manipulation, commodities fraud, wire fraud, and spoofing prices in the gold, silver, platinum and palladium futures markets.
Smith was convicted of 11 counts of attempted price manipulation, commodities fraud, wire fraud, and spoofing.
In December of 2022 a federal jury in the Northern District of Illinois convicted a former trader at JPMorgan Chase and Credit Suisse today of fraud in connection with a spoofing scheme in the gold and silver futures markets.
Christopher Jordan (former JP Morgan precious metals trader) was convicted of wire fraud affecting a financial institution. He is scheduled to be sentenced at a later date and faces a maximum penalty of 30 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
The FBI is committed to bringing those involved in crimes like this to justice. It’s about time !!!
This is just the tip of the iceberg, someone had to go down and JP Morgan opted to send these folks to the wolves. It’s just a matter of time before something big happens and the whole price manipulation comes to an end.
But don’t hold your breathe, it might not happen in my lifetime.