JPMorgan’s Gold ‘Boss’ Led Plot to Spoof Prices, Jury Told
- Prosecutor lays out final arguments against three executives
- Defense blasts credibility of evidence after three-week trial
Photographer: Akos Stiller/Bloomberg
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Michael Nowak was “the boss” of a plot at JPMorgan Chase & Co. to manipulate gold and silver prices and worked with the top trader and salesman on the bank’s precious metals desk to “spoof” markets with bogus buy and sell orders, a federal prosecutor told jurors in Chicago.
“For years, executives at one of the world’s largest banks conspired to manipulate the markets for precious metals,” Matthew Sullivan, an attorney in the US Department of Justice, said Thursday during closing arguments in the trial of Nowak, Gregg Smith and Jeffrey Ruffo. “All three worked together toward the same goal: earning profits for the precious-metals desk by spoofing.”