JPMorgan Chase Trader Pleads Guilty to Gold Manipulation, Turns State’s Evidence
Gold and silver investors got a rare bit of good news on the enforcement front last week.
A trader from JPMorgan Chase pled guilty to rigging the precious metals futures markets.
John Edmonds admitted to cheating the bank’s clients and plenty of other people naive enough to expect fair treatment on the COMEX and other exchanges.
While this is by no means the first time a banker has been caught cheating, some aspects of this case are certainly worth noting.
Below is some detail on the who, what, when, why, and how of Mr. Edmonds’ activities at JPMorgan.
As part of his plea, Edmonds admitted that from approximately 2009 through 2015, he conspired with other precious metals traders at the Bank to manipulate the markets for gold, silver, platinum and palladium futures contracts traded on the New York Mercantile Exchange Inc. (NYMEX) and Commodity Exchange Inc. (COMEX), which are commodities exchanges operated by CME Group Inc.
Edmonds and his fellow precious metals traders at the Bank routinely placed orders for precious metals futures contracts with the intent to cancel those orders before execution (the Spoof Orders), he admitted.
https://www.activistpost.com/2018/11/jpmorgan-chase-trader-pleads-guilty-to-gold-manipulation-turns-states-evidence.html
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