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Ex-JPMorgan gold trader found guilty in spoofing trial
By Joe Deaux and Kim Chipman
Bloomberg News
Friday, December 9, 2022
Former JPMorgan Chase & Co. gold and silver trader Christopher Jordan today was convicted of wire fraud affecting a financial institution by a federal jury in Chicago, the latest win for U.S. prosecutors in their crackdown on illegal "spoofing" trades and market manipulation.
Jordan was found guilty after a four-day trial in the same courthouse where two of his more senior colleagues on the JPMorgan precious-metals desk were convicted in August on spoofing-related charges for deceptive buy and sell orders. Jordan worked at the bank from 2006 to late 2009.
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While his deceptive trades occurred before spoofing was made a crime in 2010, he used the same technique by placing large orders he never intended to execute and quickly canceled so he could make trades on the other side of the market, prosecutors said.
It was part of a "scheme to rig gold and silver markets in his favor," Assistant U.S. Attorney Lisa Beth Jennings said in her closing statement. "The spoof orders the defendant placed tricked other traders" and were intended to deceive the market about supply and demand, she said. ...
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