JP Morgan Chase traders charged with manipulating the precious metals futures market in scheme that cost investors tens of millions.
Federal prosecutors on Monday charged three JP Morgan Chase traders with manipulating the precious metals futures market in a scheme that cost investors tens of millions.
The scheme is similar to those documented in"Flash Boys," a 2014 book by nonfiction author Michael Lewis. The book ignited a firestorm on Wall Street over the practices of high-speed trading and"spoofing," where traders try to send in fictitious buy orders. The traders, according to the indictment, also allegedly conducted the scheme in reverse whenever they needed to drive down the price, submitting fictitious sell orders.
In a statement, attorneys for Nowak said it was"truly regrettable that the DOJ decided to go forward with a prosecution" of their client, adding that Nowak"has done nothing wrong." In a call with reporters Monday, Benczkowski said the Justice Department would continue to use data to develop cases, as they have with probes related to the opioid crisis.
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