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Former JPMorgan traders should get prison for spoofing, prosecution says
By Steve Smith
Bloomberg News
Tuesday, March 21, 2023
The former head of the JPMorgan Chase & Co. precious-metals business and his top gold trader should get multiyear prison terms after they were convicted of spoofing the market for years, the U.S. government said in a court filing.
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Michael Nowak, who ran the precious-metals desk, should get five years, and Gregg Smith, the top trader, should get six years, prosecutors said today in a sentencing memo to the federal judge in Chicago who presided over their trial. The recommendation was for longer terms than traders at other banks who have been convicted of spoofing.
The government said significant sentences are warranted because the two had spoofed for years and knew that what they were doing was prohibited.
At trial prosecutors presented evidence that included detailed trading records, chat logs, and testimony by former co-workers who "pulled back the curtain" on how Nowak and Smith moved precious-metals prices up and down for profit from 2008 to 2016. ...
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