Federal prosecutors on Monday accused three J.P. Morgan precious metals traders of fraud in an alleged spoofing scheme.
Federal prosecutors added three more indictments to their criminal criminal probe of trading violations at J.P. Morgan.
The alleged scheme saw the nation's largest bank by assets profit handsomely, while investors suffered losses. Unsealed on Monday morning, the indictment alleges that from May 2008 to August 2016 the defendants along with co-conspirators, engaged in widespread spoofing, market manipulation and fraud while working on the precious metals desk at J.P. Morgan. Spoofing involves placing orders these defendants allegedly intended to cancel before they could be executed, which would benefit other trades.
In the past year, two other former precious traders at J.P. Morgan, John Edmonds and Christian Trunz, have pleaded guilty to spoofing-related charges. And Corey Flaum, who worked with Gregg Smith at Bear Stearns, pleaded guilty in July. J.P. Morgan declined to comment on the story but has disclosed in regulatory filings that the firm is being investigated by various authorities, including the Department of Justice's Criminal Division, relating to trading practices in the precious metals markets. The firm said it is cooperating with the investigations.
According to the complaint, Nowak, who supervised Smith and others on J.P. Morgan's precious metals desk, placed thousands of spoof orders in the precious metals futures markets and was also aware that Smith, along with other traders were spoofing.
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