首页 社会正文

皇冠管理端登3手机(www.99cx.vip):JPMorgan gold desk ripped off market

admin 社会 2022-07-15 02:28:38 10 0

皇冠管理端登3手机www.99cx.vip)实时更新发布最新最快最有效的皇冠管理端登3手机网址,包括新2登3手机网址,新2登3备用网址,皇冠登3最新网址,新2足球登3网址,新2网址大全。

“This case is about a criminal conspiracy inside one of Wall Street’s largest banks,” said Lucy Jennings, a prosecutor with the Justice Department’s fraud section. “To make more money for themselves, they decided to cheat.” The trial of three former JPMorgan employees, including the veteran head of precious metals, Michael Nowak, is the most ambitious effort yet in a years-long US crackdown on market manipulation and spoofing.

NEW YORK: The precious-metals business at JPMorgan Chase & Co operated for years as a corrupt group of traders and sales staff who manipulated gold and silver markets for the benefit of the bank and its prized clients, a federal prosecutor has told jurors in Chicago.

“This case is about a criminal conspiracy inside one of Wall Street’s largest banks,” said Lucy Jennings, a prosecutor with the Justice Department’s fraud section. “To make more money for themselves, they decided to cheat.”

The trial of three former JPMorgan employees, including the veteran head of precious metals, Michael Nowak, is the most ambitious effort yet in a years-long US crackdown on market manipulation and spoofing.

Unlike past cases of alleged trading fraud, the trio is accused of a racketeering conspiracy under the 1970 Racketeer Influenced and Corrupt Organisations Act – a criminal law more commonly used against the Mafia rather than global banks.

Nowak, gold trader Gregg Smith and Jeffrey Ruffo, an executive director who specialised in hedge fund sales, are charged with racketeering conspiracy as well as conspiring to commit price manipulation, wire fraud, commodities fraud and spoofing from 2008 to 2016.

All together, Nowak and Smith have been accused of more than two dozen crimes. The three defendants face decades in prison if convicted on all counts.

,

皇冠博彩 网址www.hg9988.vip)是一家值得信赖的博彩公司网址,皇冠博彩公司官方投注网开放皇冠信用网代理申请、信用网会员开户,线上博彩的官方网址。

,

Another trader, Christopher Jordan, who was charged alongside them, is scheduled to go to trial in November.

Spoofing, banned by law in 2010, involves huge orders that traders cancel before they can be executed in a bid to push prices in the direction they want to make their genuine trades profitable.

While cancelling orders isn’t illegal, it is unlawful as part of a strategy intended to dupe others.

“When this trick works, there is somebody else on the other side of the deal that lost,” Jennings told jurors in her opening statement.

“Somebody got ripped off.” She added, “We will prove that all three defendants knew from day one that this trading was wrong and did it anyways.”

Lawyers for Nowak and Smith offered jurors a much different view, saying prosecutors had misrepresented how and why orders are made in the precious-metals market, and insisted that the defendants had never intended to deceive anyone.

They said the government had cherry-picked trading data to create the false impression that the traders were spoofing when they were actually placing real, executable, open-market orders.

版权声明

本文仅代表作者观点,
不代表本站锡林郭勒盟新闻频道的立场。
本文系作者授权发表,未经许可,不得转载。

发表评论

评论列表(0人评论 , 10人围观)
☹还没有评论,来说两句吧...