Two former precious metals traders at JPMorgan Chase were sentenced on Tuesday for engaging in fraud, attempted price manipulation and spoofing, the U.S. Justice Department said in a statement. Gregg Smith, 59, of Scarsdale, New York, was sentenced to two years in prison and a $50,000 fine while Michael Nowak, 49, of Montclair, New Jersey, was sentenced to one year and one day in prison and a $35,000 fine, the Justice Department said.
WASHINGTON - Two former precious metals traders at JPMorgan Chase were sentenced on Tuesday for engaging in fraud, attempted price manipulation and spoofing, the U.S. Justice Department said in a statement.
They were part of a market manipulation scheme that spanned over eight years from 2008 to 2016, involved tens of thousands of unlawful trading sequences, and resulted in over $10 million in losses to market participants, according to the Justice Department.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SVB Changes Executive Bonuses After Justice Department ObjectionSVB Financial Group said it agreed with the Justice Department to tweak the financial terms and benchmarks of a plan to pay millions of dollars in bonuses to executives at a subsidiary.
Read more »
JPMorgan’s ‘Most Prolific Spoofer’ Gets Two Years in PrisonThe former head of JPMorgan Chase & Co.’s precious-metals desk and his top trader were sentenced to prison for spoofing, fraud and attempted market manipulation.
Read more »
Bond Bulls at JPMorgan, Allianz GI Double Down on Bet Gone Bad(Bloomberg) -- Convinced a recession in the US was near, some of the world’s most prominent money managers loaded up on government bonds this year in a bold bet that would atone for the punishing losses suffered in 2022.Most Read from BloombergBorrowers With $39 Billion in Student Loans Finally See ReliefPutin Turns to Ruble and Ballot to Shore Up Shaken AuthorityBond Bulls at JPMorgan, Allianz Double Down on Bet Gone BadRolls-Royce Debuts Droptail Roadster, Priced at Over $30 MillionThat strate
Read more »
JPMorgan sees Japan's threshold for yen intervention at around 150 yen per dollarLONDON (Reuters) - Japan's threshold for currency market intervention on the yen is likely to be around 150 per dollar, investment bank JPMorgan's ...
Read more »
JPMorgan Isn’t Taking Any Chances With New EU Investing RuleThe asset management unit of JPMorgan Chase & Co. is breaking away from a number of its peers and voluntarily complying with a new European Union rule that requires fund managers to report their social and environmental impact.
Read more »
JPMorgan sees Japan's threshold for yen intervention at around 150 yen per dollarLONDON, Aug 21 (Reuters) - Japan's threshold for currency market intervention on the yen is likely to be around 150 per dollar, investment bank JPMorgan's analysts said on Monday.
Read more »