Home Finance Former JPMorgan Traders Face Trial in Case That Cost Bank Nearly $1 Billion

Former JPMorgan Traders Face Trial in Case That Cost Bank Nearly $1 Billion

by Enochadmin

CHICAGO—Two former precious-metals merchants at JPMorgan Chase & Co. and a co-worker who dealt with hedge-fund purchasers face trial beginning Friday within the climax of a seven-year Justice Division marketing campaign to punish alleged market manipulation.

The felony trial in Chicago is the third in two years to deal with a mode of misleading buying and selling often known as spoofing. Prosecutors have alleged that former members of JPMorgan’s precious-metals desk routinely despatched orders they supposed to rapidly cancel to rig the worth of gold and silver futures contracts, incomes large earnings for the financial institution over eight years.

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