A federal grand jury in Chicago convicted two former traders of JP Morgan The precious metals division of Chase & Co., which has been accused of manipulating the price of gold, discovered that it used misleading orders to drive the price of the rig.
The allegations form the basis of a seven-year campaign by the Justice Department to punish a fraudulent style of futures trading known as sham. According to prosecutors, the quick-fire strategy was popular at some Wall Street banks before Congress banned forgery in 2010 and persisted even after it was banned. JPMorgan paid $920 million in 2020 to settle legal and criminal charges against the bank over traders’ conduct.
