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3 JPMorgan dealer charged in alleged pricing scheme



The alleged behavior lasted eight years, the Ministry of Justice said on Monday.

The government accused Gregg Smith, an executive director, and Michael Nowak, a director and head of the bank's global precious metals counter. Both were according to government officials on Monday morning current employees.

The third person accused is Christopher Jordan, a former JPMorgan employee.

JPMorgan declined to comment on Monday. Instead, it was referring to a previous public filing where it said it "responds to and cooperates with these investigations."

Between 2008 and 2016, Smith, Nowak and Jordan allegedly manipulated the prices of traded gold, silver, platinum and palladium futures on the New York Mercantile Exchange and the CME Commodity Exchange.

Smith, Nowak, Jordan, and their co-conspirators allegedly embarked on a complex system for trading precious metals in a way that adversely affects the natural balance of supply and value-demand "William F. Sweeney Jr., Deputy FBI Director, New York Bureau of the FBI, said in a statement.

Nowak's lawyer David Meister and Jocelyn Strauber said in an e-mail statement, "It is truly unfortunate that the DOJ has decided to take one Charge against Mike Nowak, who has done nothing wrong. We look forward to representing him in court and expect him to be fully relieved. "

James Benjamin, a lawyer for Jordan, said in a statement," Chris Jordan is innocent of these stubborn allegations, and we intend to vigorously defend him. "Smith's attorney declined to comment. [1

9659002] The government claims that the defendants are involved in "widespread counterfeiting, market manipulation and fraud" by placing commercial orders that they wanted to cancel prior to their enforcement, a Ministry of Justice statement said, "to sell and sell to other traders" persuading them of futures contracts at prices, and sometimes they would have done otherwise, claims the Ministry of Justice.

"We will follow the facts wherever they lead, whether higher up in banks or other institutions," said the deputy Attorney General Brian A. Benczkowski in a conversation with reporters.

The US Commodity Futures T Rading Commission filed a civil suit against Smith and Nowak on Monday.

The Department of Justice The charges are the most recent in a series of fraud cases involving eight guilty complaints and a 36-month prison sentence, with half a dozen more pending. One case ended in an acquittal and one in a lawsuit.


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