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Morgan gold spoofers convicted of fraud were acquitted of racketeering
Ex-JPMorgan Traders Cleared of Racketeering, Found Guilty of Fraud
By Jody Godoy and Michelle Price
Reuters
Thursday, August 11, 2022
WASHINGTON -- Three former JPMorgan Chase & Co. employees were acquitted Wednesday of racketeering and conspiracy charges in a landmark futures manipulation trial, although two were found guilty on other charges including fraud, a Department of Justice spokesperson said.
The case against the bank's former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith, and salesperson Jeffrey Ruffo is seen as the Justice Department's most aggressive to date targeting a manipulative futures trading tactic known as spoofing.
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Nowak was convicted on 13 other charges including fraud, spoofing and attempted market manipulation, and Smith was convicted on 11 charges. Ruffo, who was only charged with racketeering and conspiracy, was acquitted of both. All three men had pleaded not guilty.
While financial reform advocates hailed the convictions as a clear signal that Wall Street executives are not above the law, attorneys said it underscored the difficulty of proving the more ambitious charges of racketeering and conspiracy. ...
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