Former JPMorgan gold trader sentenced to 6 months in prison on spoofing charge

N

Nighthawk

  • Last criminal penalty imposed in a years-long spoofing saga
  • Case among the crown jewels in federal spoofing crackdowns


A former JPMorgan Chase & Co. gold trader was ordered to serve six months behind bars for a fraud conviction tied to deceptive orders, the last criminal penalty imposed in a years-long spoofing saga at the bank.

Christopher Jordan was sentenced Friday in Chicago by US District Judge Edmond Chang. Jordan was convicted in December for placing deceptive spoofing orders from 2008 to 2010 that witnesses testified were rampant among traders on JPMorgan’s precious-metals desk.

The sentence comes weeks after JPMorgan’s former top gold trader, Gregg Smith, was given a two-year prison term — the stiffest sentence in ...

https://news.bloomberglaw.com/banki...rader-jordan-gets-six-months-in-spoofing-case

:finger::finger::finger: You watch out, spoofy boyz and girlies....!
 
https://nypost.com/2023/08/22/jpmor...enced-to-2-years-for-manipulating-gold-price/

A convicted former JPMorgan Chase executive was sentenced to nearly two years in prison on Tuesday — the stiffest prison term given to an individual since the government’s crackdown on market manipulation.

Gregg Smith, who worked on the bank’s precious-metals desk, was convicted last year on 11 charges for manipulating gold and silver prices from 2008 to 2016.

His boss, Michael Nowak, was also convicted but was sentenced to one year and one day on Tuesday, according to Bloomberg.

Smith, 57, was described by an assistant US attorney as “the most prolific ‘spoofer’ that the government has prosecuted to date” for orchestrating an illegal scheme where he placed bogus market orders with no intention of carrying out the transactions, Bloomberg reported.
 
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