Nothing to see here . They should go after the bashers with a agenda here next ! But wev all know they will not , right fruitvale et al .
Ex-JPMorgan gold traders convicted after 1-month long spoofing trial
(Kitco News) Two out of three former JPMorgan Chase & Co employees were convicted by a federal jury in Chicago after being charged with manipulating gold prices for years. The jury found the traders used spoofing to rig prices.
After a three-week trial and an eight-day deliberation, the jury came out with a guilty verdict for JPMorgan's former top gold trader Gregg Smith and the bank's former head of the precious-metals desk Michael Nowak. The conviction included charges of price manipulation, spoofing, and wire fraud. Smith was convicted on 11 charges, and Nowak was convicted on 13 charges.
Jeffrey Ruffo, the bank's former executive director specializing in hedge fund sales, was acquitted. All three defendants pleaded not guilty.
Prosecutors on the case accused the three of manipulating and rigging gold prices for eight years between 2008 and 2016.
"They had the power to move the market, the power to manipulate the worldwide price of gold," Bloomberg quoted prosecutor Avi Perry as saying during closing arguments.