trial gold silver trading U.S. prosecutors get another guilty verdict in spoofing trial for ex-JPMorgan gold trader
A federal jury in Chicago convicted an ex-JPMorgan gold and silver trader after he was charged with wire fraud.
The trader, Christopher Jordan, was convicted on Friday following a quick four-day trial. Jordan was employed with JPMorgan between 2006 and 2009. Jordan was found guilty of using similar"spoofing" techniques of placing big orders that were never intended to be filled. After placing them, he quickly canceled and made trades on the other side of the market, thereby getting a better price, Bloomberg cited prosecutors as saying.This acts as a"scheme to rig gold and silver markets in his favor," said Assistant U.S. Attorney Lisa Beth Jennings in her closing statement.
Back in August, the Chicago jury came out with a guilty verdict for JPMorgan's former top gold trader Gregg Smith and the bank's former head of the precious-metals desk Michael Nowak. The conviction included charges of price manipulation, spoofing, and wire fraud. Smith was convicted on 11 charges, and Nowak was convicted on 13 charges.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Price pressure on gold, silver amid profit takingSenior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
Read more »
Monday Charts for Gold, Silver and Platinum and Palladium, December 12Get the Big Picture view on gold, silver and other precious metals markets with Kitco Senior Analyst. With thorough analysis, get a sense of today's market as well as where it may be heading. Be in the lead.
Read more »
Gold, silver see routine profit takingSenior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
Read more »
Canadian speedskaters take World Cup silver and bronze in men's 1,000 metresHein Otterspear of the Netherlands won the men's 1,000 metres with Canada's Laurent Dubreuil and Antoine Gelinas-Beaulieu second and third respectively Sunday at a speedskating World Cup.
Read more »
Protecting nature's carbon sinks can mitigate climate change, but not a 'silver bullet': reportTwo SFU researchers are part of a Canadian expert panel on carbon sink potential.
Read more »
Where are the stops? Monday, December 12, gold and silverKitco's Jim Wyckoff's buy and sell stop data give investors an idea of some of the key levels to watch during the daily trading session. Investors could see big moves in gold and silver if these daily levels are breached.
Read more »