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Ronan Manly: Why is a criminal organization allowed to dominate the gold industry?
By Ronan Manly
Bullion Star, Singapore
Wednesday, July 20, 2022
With a group of former JP Morgan precious metals traders currently on criminal trial in front of a federal jury in Chicago, accused of engaging in a racketeering conspiracy involving precious metals price manipulation, commodities fraud, and trade spoofing, while another group of their colleagues has already pleaded guilty, now is a good time to ask how the bank JP Morgan is still considered fit and proper to not only continue to trade in the precious metals markets but also to continue to dominate the entire precious metals industry in London, Singapore, and New York, with the support of the London Bullion Market Association, the Singapore Bullion Market Association, and the CME Group, operator of the Comex and NYMex.
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While JP Morgan made a deferred prosecution deal with the U.S. Department of Justice and Commodity Futures Trade Commission in 2020 and admitted wrongdoing for the criminal conduct of numerous JP Morgan traders and sales personnel on the bank's precious metals desks in London, Singapore, and New York, while paying $920 million in the form of a criminal monetary penalty, criminal disgorgement, and victim compensation in relation to this criminal precious metals scheme, the LBMA, SBMA, and CME Group, as you will see below, continue not only to welcome the proven criminal bank JP Morgan but to allow it to operate at the highest levels of each organisation. ...
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