Ex-UBS Trader Accused by U.S. of Manipulating Metals Prices
By GCRU Gold News on Thursday, September 14 2017, 00:19 - Permalink
A former trader at UBS Group AG was charged with conspiracy and fraud over his suspected role in manipulating the price of precious metals.
Andre Flotron, who worked at the bank in Switzerland and Stamford, Connecticut, is the second person publicly charged in the U.S. investigation into the fixing of gold, silver, platinum and palladium prices. Flotron, a Swiss citizen, was arrested while visiting his girlfriend in New Jersey. He was charged with conspiracy, wire fraud, commodities fraud and spoofing. He faces as many as 25 years in prison on the most serious charge.
“We’re going to fight this case,” his attorney, Marc Mukasey, told U.S. Magistrate Judge Michael Hammer. “There’s a big issue here as to whether or not this was a government-created crime” or an industry practice.