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JPMorgan’s ‘Big Hitters’ of Gold Market Face Trial Over Spoofing

  • Three face prison if convicted of rigging prices for years
  • JPMorgan dominates precious metals US says were manipulated


Photographer: Lisi Niesner/Bloomberg

Michael Nowak was once the most powerful person in the gold market.

The former JPMorgan Chase & Co. managing director ran the bank’s precious metals business for more than a decade, making hundreds of millions of dollars in profit trading everything from silver to palladium. Now, he and two of his former colleagues face a federal jury in Chicago on criminal charges for thousands of so-called spoofing trades, which prosecutors say were used for years to generate illicit gains for JPMorgan and its top clients.