Tag - Manipulation

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Saturday, September 19 2020

Deutsche trader under DoJ prosecution, was a long time director of London Gold and Silver Fixings

To spell it out another way, for more than four and a half years from 2009 until 2014, during the same exact same time period as the US Department of Justice is accusing James Vorley of having been “engaged in a years-long conspiracy to defraud other traders on COMEX" by “on numerous occasions, placing Spoofing Orders for COMEX gold, silver, platinum or palladium futures contracts", James Vorley was a director of the LBMA’s London Gold Fixing and London Silver Fixing companies.

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Thursday, September 17 2020

Deutsche Bank Spoofer Tells Jury His Bosses Showed Him How

Former Deutsche Bank AG analyst David Liew told a Chicago jury he learned how to manipulate gold and silver prices from the two successful senior traders he admired and worked with for about three years.

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Friday, September 4 2020

Valuable compliance lessons from Scotiabank's $127 million penalty

A top Canadian bank and a major participant in the gold markets has agreed to pay more than $127 million to resolve U.S. regulatory and criminal charges. The settlements announced last week by the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Department of Justice (DOJ) spanned an eight-year period and involved thousands of manipulative orders by four traders at the Bank of Nova Scotia, also known as Scotiabank.

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Thursday, August 20 2020

Scotiabank to pay US$127.5M fine for metals market manipulation

Bank of Nova Scotia has reached settlement agreements with the U.S. Department of Justice and the Commodity Futures Trading Commission over charges of metals market manipulation.

The fines and enforcement actions stem from an investigation into Scotia’s metals trading division. American authorities said that on thousands of occasions between January 2008 and July 2016, four Scotiabank traders placed orders to buy and sell precious metals contracts with the intent to cancel those orders in an attempt to manipulate prices. The traders were based in New York, London and Hong Kong, according to the U.S. Department of Justice.

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Thursday, February 6 2020

JPMorgan Facing Criminal Investigation Over Metal Spoofing

U.S. authorities that accused six JPMorgan Chase & Co. employees of rigging precious-metals futures are building a criminal case against the bank itself, two people familiar with the situation said.

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Thursday, January 30 2020

FIA Claimed Ignorance of 'Primary Member' Banks

As the Department of Justice pointed out, every one of the banks or their subsidiaries referred to in gold and silver spoofing charges are 'primary members' of the Financial Industry Association FIA: JP Morgan Chase, Bank of America, Morgan Stanley, Scotiabank and Deutsche Bank, as are each of the banks defending the London gold and silver fixing anti trust lawsuits: Scotiabank, BNP Paribas, Societe Generale, Barclays, HSBC and UBS formerly.

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Saturday, December 21 2019

JPMorgan metals traders under Singapore scrutiny, two more depart

Regulatory scrutiny of precious metals trading at JPMorgan Chase & Co., one of the world’s largest gold brokerages, has expanded to Singapore and ensnared two more bank employees, according to people familiar with the situation.

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Tuesday, November 19 2019

JPMorgan Precious Metals Probe Expands as Another Is Charged

Another JPMorgan Chase & Co. official was charged in the U.S. probe of the bank's precious metals trading operation.

The allegations are part of a broader investigation of market spoofing that has now resulted in charges against six bank employees.

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Monday, October 28 2019

EY: Gold, drug money and a major auditor's 'cover-up'

A major accountancy firm covered up evidence of smuggling and laundering of drug money by an organised crime gang, an investigation has revealed.

EY, formerly known as Ernst and Young, failed to report suspicious activity at one of the world's largest gold refineries and then altered a compliance report to hide the crime.

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Sunday, October 13 2019

British regulator reviews JPMorgan metals trading amid U.S. probe

The UK Financial Conduct Authority (FCA) is one of the various authorities that JPMorgan has previously said were investigating its metals trading, according to one of the people, who declined to be named due to the sensitivity of the matter. The watchdog has requested documents and other information from JPMorgan, the source said.

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Wednesday, October 2 2019

CFTC Orders Two Trading Firms, Bank to Pay a Total of $3 Million for Spoofing

The CFTC on Monday, September 30, 2019 issued an order filing and settling charges against Morgan Stanley Capital Group Inc. for engaging in spoofing on multiple occasions in the precious metals futures markets from at least November 2013 to November 2014.

The CFTC on Monday, September 30, 2019 issued an order filing and settling charges against Mitsubishi International Corporation for engaging in multiple acts of spoofing on the Commodity Exchange, Inc. markets for silver and gold futures.

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Saturday, September 21 2019

LBMA Removes JP Morgan’s Michael Nowak from the LBMA Board

“The London Bullion Market Association has removed Michael Nowak, JPMorgan’s head of precious metals trading, from its board after he was indicted by the US Department of Justice for a “massive, multiyear scheme” to manipulate the precious metals markets.

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Wednesday, September 18 2019

JPMorgan’s Gold and Silver Desk Was a Criminal Enterprise - U.S. Justice Department

◆ JPMorgan’s head of precious metals trading and senior traders have been charged by the U.S. Department of Justice with rigging precious metal prices in a “massive, multiyear scheme”

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Tuesday, September 17 2019

LBMA Board Member & JP Morgan Managing Director Charged with Rigging Precious Metals

Michael Nowak, JP Morgan Chase managing director and head of the bank’s global precious metals desk, who is also a Board member of the London Bullion Market Association (LBMA), has just been indicted & charged by the US Department of Justice (DoJ) with manipulating the prices of precious metals-futures contracts over an 8 year period.

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Monday, September 16 2019

JPMorgan Traders Charged by U.S. With Rigging Metals Deals

The U.S. Justice Department said today the three men ripped off market participants and even clients as they illegally moved prices for gold, silver, platinum, and palladium.

Their actions spanned eight years and involved thousands of unlawful trading sequences, the Justice Department said. The men were indicted on multiple fraud and conspiracy charges, including racketeering.

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JPMorgan’s Metals Desk Was a Criminal Enterprise, U.S. Says

U.S. prosecutors took an unusually aggressive turn in their investigation of price fixing at JPMorgan Chase & Co., describing its precious metals trading desk as a criminal enterprise operating inside the bank for nearly a decade.

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Sunday, September 15 2019

Gold and The Art of Financial War Revisited

Andy Schectman, President, Miles Franklin Precious Metals, warns that market deception leads to a flawed perception of reality.

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Friday, September 13 2019

Two JPMorgan metals executives put on leave amid U.S. probe

Two JPMorgan Chase & Co (JPM.N) employees, including a top metals trading executive, have been placed on leave in response to a U.S. criminal investigation into the bank’s metals trading practices, according to a source familiar with the matter.

Michael Nowak and Gregg Smith are on leave, the source said on Thursday, making them the third and fourth JPMorgan employees to be connected to the criminal investigation that has resulted in guilty pleas from two former JPMorgan metals traders.

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Tuesday, August 20 2019

JPMorgan Spoofer Pleads Guilty To Gold Manipulation, Faces 11 Years In Jail

Christiaan Trunz, another former JPMorgan metals trader, pleaded guilty on Tuesday to conspiracy and to manipulating prices in the precious-metals market as part of the U.S. government’s continuing crackdown on bogus spoofing trades.

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Saturday, July 27 2019

Ex-Scotia Capital, Bear Stears metals trader guilty in spoofing case

A former trader at Scotia Capital and Bear Stearns pleaded guilty Thursday to a federal crime and admitted manipulating precious metals markets for nine years

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