JPMorgan fined $920 million for spoofing precious metals !, (Kitco news today)
When you read this it makes you realize the stock market is full of crooks, charlitons and shysters trying to steal your money !!
if you play the game , you are pretty much at the mercy of these sharks especially the biggest ones ,like JPMorgan . This time ,at least , karma
caught up with them !!
Let's hope IROC takes notice and puts some big,sharp teeth into their regulations !!
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It’s not quite a billion dollars, but the Commodity Futures Trading Commission (CFTC) announced Tuesday that it has settled its spoofing charges with JPMorgan Chase & Company.
The CFTC said that the bank will pay a record $920 million fine for manipulating precious metals markets duringan eight-year period that involved involved hundreds of thousands of spoof orders.
“This action sends the important message that if you engage in manipulative and deceptive trade practices you will be caught, punished, and forced to give up your ill-gotten gains,” said. Division of Enforcement Director James McDonald.
“Spoofing is illegal—pure and simple,” added. CFTC Chairman Heath P. Tarbert. “This record-setting enforcement action demonstrates the CFTC’s commitment to being tough on those who intentionally break our rules, no matter who they are. Attempts to manipulate our markets won’t be tolerated.”