Tag - Manipulation

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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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An Important Discussion with Andrew Maguire

A few weeks ago, you may have seen the story of a British member of Parliament reading into the official record a lengthy synopsis of precious metal price manipulation, the sordid involvement of the bullion banks and the risks these banks pose to the global financial system.

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Friday, July 26 2019

In CFTC Actions, Two Former Precious Metals Traders Admit To Engaging in Spoofing and Manipulation at New York Banks

The U.S. Commodity Futures Trading Commission today issued two orders filing and settling charges against former precious metals traders at separate financial institutions who entered into formal cooperation agreements with the CFTC’s Division of Enforcement (Division) and admitted to spoofing and manipulative conduct in the futures markets.

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Saturday, July 20 2019

Gold & Silver Price Manipulation – The Greatest Trick ever Pulled

By siphoning off demand for real gold and silver and channeling it into unbacked or fractionally-backed credits and futures, the central banks and their bullion bank counterparts have done an amazing job in creating an entire market structure of futures and synthetics trading that is unconnected to the physical gold and silver markets. This structure siphons off demand away from the physical precious metals markets, and in doing so, creates a system of price discovery which is nothing to do with physical gold and silver supply and demand.

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Thursday, July 11 2019

Precious Metal Markets - Hansard

I wish to ask the Minister a number of questions.

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Wednesday, June 26 2019

Merrill Lynch Caught Criminally Manipulating Precious Metals Market "Thousands Of Times" Over 6 Years

As MLCI itself admitted, beginning in 2008 and continuing through 2014, precious metals traders employed by MLCI schemed to deceive other market participants by injecting materially false and misleading information into the precious metals futures market.

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Saturday, May 18 2019

Yes, Gold Is Being Manipulated. But to What Extent?

First of all, let me say that gold price suppression (“fixing,” “rigging,” “manipulating” or however else you want to think about it) is not just a conspiracy theory. It’s a well-documented phenomenon, with real actors and real ramifications. In 2014, Barclays was fined nearly $44 million for failing to prevent traders from manipulating the London gold “fix.” Late last year, a former JPMorgan trader pleaded guilty to manipulating the U.S. metals markets. Remember the gold futures “flash crash” of 2014?

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Thursday, May 2 2019

In Memory of Bart Chilton

Bart will forever be known (especially by those in the silver community) as one of the former commissioners of the CFTC. And in particular, the one CFTC commissioner who often spoke out about how he did feel there was illegal trading activity going on in the silver market.

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Saturday, December 15 2018

JP Morgan faces lawsuits after guilty pleas by a former metals trader

Traders from across the U.S. are banding together to accuse J. P. Morgan Chase of manipulating precious metals markets for years.

At least six lawsuits, all making similar allegations against the nation’s largest bank, have been filed in New York federal court in the past month, since federal prosecutors in Connecticut unveiled a plea agreement with a former J. P. Morgan Chase metals trader.

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Wednesday, November 21 2018

JPMorgan Metals Probe Moves Ahead as U.S. Seeks to Delay Lawsuit

The Justice Department’s investigation of manipulation in the precious-metals markets at JPMorgan Chase & Co. spurred prosecutors to ask a judge to delay a civil lawsuit focusing on similar misconduct.

Former trader John Edmonds pleaded guilty last month to federal charges that he placed hundreds of orders in the futures market he never intended to execute, in a six-year spoofing scheme. On Monday, the Justice Department asked the judge overseeing an antitrust lawsuit against JPMorgan to delay the case for six months to “protect the integrity” of its ongoing criminal probe.

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