Another former J.P. Morgan precious metals traders pleaded guilty Tuesday to criminal charges of manipulating the precious metals markets.
A former J.P. Morgan precious metals traders pleaded guilty Tuesday to criminal charges of manipulating the precious metals markets for nine years.The Justice Department is conducting multiple criminal investigations into big banks with the cooperation of traders who have pleaded guilty to spoofing-related crimes.Another former J.P.
Spoofing is a strategy that involves placing trade orders with the intent to cancel them before they can be executed. The goal is to affect the price of the commodity and benefit a preexisting trading position. Trunz, who earlier today resigned from his position as an executive director at J.P. Morgan, said he "learned to spoof from more senior traders, and spoofed with the knowledge and consent of his supervisors," according to the Department of Justice.The Justice Department is conducting multiple criminal investigations into big banks with the cooperation of traders who have pleaded guilty to spoofing-related crimes.
John Edmonds, 37, pleaded guilty in October in Connecticut federal court to working with other "unnamed co-conspirators" to manipulate the prices of gold, silver, platinum and palladium futures contracts between 2009 and 2015 while employed at J.P. Morgan.
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