{"id":52002,"date":"2023-08-23T11:40:03","date_gmt":"2023-08-23T15:40:03","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/two-former-jpmorgan-traders-sentenced-to-prison-for-fraud\/"},"modified":"2023-08-23T11:40:06","modified_gmt":"2023-08-23T15:40:06","slug":"two-former-jpmorgan-traders-sentenced-to-prison-for-fraud","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52002","title":{"rendered":"Two former JPMorgan traders sentenced to prison for fraud"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Signage is seen at the United States Department of Justice headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS\/Andrew Kelly\/File Photo<\/span>
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By Kanishka Singh<\/p>\n

WASHINGTON (Reuters) -Two former precious metals traders at JPMorgan Chase (NYSE:) were sentenced on Tuesday for engaging in fraud, attempted price manipulation and spoofing, the U.S. Justice Department said in a statement.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Spoofing involves placing and then quickly canceling orders to falsely create the impression of high demand or supply. It was outlawed in 2010 when the U.S. Congress passed the Dodd-Frank Act after the financial crisis.<\/p>\n

Last year, Smith and Nowak were found guilty of fraud and other charges but acquitted of racketeering and conspiracy in a trial. Nowak was convicted on over a dozen charges including fraud, spoofing and attempted market manipulation, and Smith was convicted on 11 charges. <\/p>\n

JPMorgan agreed in 2020 to pay more than $920 million and admitted to wrongdoing to settle with the Justice Department and the Commodity Futures Trading Commission over these and other traders’ conduct.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Signage is seen at the United States Department of Justice headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS\/Andrew Kelly\/File Photo By Kanishka Singh WASHINGTON (Reuters) -Two former precious metals traders at JPMorgan Chase (NYSE:) were sentenced on Tuesday for engaging in fraud, attempted price manipulation and spoofing, the U.S. Justice […]<\/p>\n","protected":false},"author":1,"featured_media":2175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-52002","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nTwo former JPMorgan traders sentenced to prison for fraud | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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