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JPMorgan Gold Trader Says Boss Coached Him on Spoofing Lie

  • ‘You’re not going to turn around and plead now, are you?’
  • Three ex-precious metals employees on trial for fraud
JPMorgan Chase & Co. headquarters in New York.

JPMorgan Chase & Co. headquarters in New York.

Photographer: Jonathan Fickies/Bloomberg

Updated on

A former JPMorgan Chase & Co. precious-metals trader said his boss coached him to lie to compliance officials about price-manipulating orders and later counseled him against pleading guilty as prosecutors were preparing criminal charges against top executives on the trading desk.

Christian Trunz, who spent more than a decade at JPMorgan, told a Chicago jury that so-called spoof orders he’d placed and quickly canceled in platinum and palladium markets had sparked a four-month probe by bank officials. Trunz said Michael Nowak, the managing director who ran the precious-metals business, advised him to mislead investigators about his intent to execute the trades.