Former JPMorgan traders convicted in federal fraud lawsuit

A federal jury in Chicago convicted two former marketers of JP Morgan Chase & Co.’s precious metals office which had been accused of manipulating gold prices, discovering that they were using deceptive orders to rig prices.

The convictions are the cornerstone of a seven-year Justice Department campaign to punish a deceptive style of trading in futures markets known as spoofing. The rapid-fire strategy was prevalent at some Wall Street banks before Congress banned spoofing in 2010, and persisted even after it was banned, prosecutors say. JPMorgan paid $920 million in 2020 to settle regulatory and criminal charges against the bank for merchant conduct.


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