You are here
Morgan admits rigging gold, silver, Treasury futures and will pay $920 million fine
JPMorgan Admits Spoofing by 15 Traders, Two Desks in Record Deal
By Matt Robinson and Tom Schoenberg
Tuesday, September 29, 2020
JPMorgan Chase & Co. today admitted wrongdoing and agreed to pay more than $920 million to resolve U.S. authorities' claims of market manipulation involving two of the bank's trading desks, the largest sanction ever tied to the illegal practice known as spoofing.
Over eight years 15 traders at the biggest U.S. bank caused losses of more than $300 million to other participants in precious metals and Treasury markets, according to court filings made today. JPMorgan admitted responsibility for the traders' actions.
... Dispatch continues below ...
Transfer Assets and Own Gold and Silver Coins
and Bars in the Safest Way
GoldCore's mission statement since 2003 has been to protect and grow the wealth of our clients, and given growing monetary, cyber, and systemic risks, it is increasingly important to take delivery or have legal title and outright ownership of fully segregated coins and bars.
On all investment and pension purchases and gold and/or silver coin and bars transfers (from banks, ETFs, and digital gold providers) worth more than $10,000 stored in GoldCore Secure Storage in Zurich, Switzerland, we are now offering Secure Storage for free for six months and the gift of a silver bullion coin -- a beautiful, legal tender, 1-ounce Silver Eagle.
GoldCore does not report transactions to any authority, and safety, privacy, and confidentiality are paramount when we are entrusted with safekeeping of our clients' precious metals.
Please visit GoldCore here for more information about this offer:
Key information regarding GoldCore Secure Storage, our partner vaults and jurisdictions, and storage rates is here:
For further information, please email the GoldCore team at firstname.lastname@example.org or call our trading desk:
The Justice Department filed two counts of wire fraud against the bank's parent company but agreed to defer prosecution related to the charges, under a three-year deal that requires the bank to report its remediation and compliance efforts to the government.
The New York-based lender will pay the biggest monetary penalty ever imposed by the Commodity Futures Trading Commission, including a $436.4 million fine, $311.7 million in restitution, and more than $172 million in disgorgement, according to a CFTC statement:
The CFTC said its order will recognize and offset restitution and disgorgement payments made to the Department of Justice and Securities and Exchange Commission.
Allegations of spoofing on the bank's precious metals desk emerged more than a year ago in charges against several traders on the desk. But the settlement announced today also includes new allegations about spoofing by traders on the bank's Treasuries desk.
The deal faults the bank for nearly eight years of manipulating prices of Treasury contracts, as well as trading in notes and bonds in the secondary market, that caused $106 million in losses. The government said five now-former JPMorgan traders executed thousands of deceptive trades. None of those traders has been charged publicly.
The accord also ends the criminal investigation of the bank that led to a half dozen employees being charged for allegedly rigging the price of gold and silver futures from 2008 to 2016. Two have entered guilty pleas, and three traders and a former JPMorgan salesman are awaiting trial. In all, according to the settlement deal, 10 JPMorgan traders caused losses of $206 million to other parties in the market. ...
... For the remainder of the report:
Join GATA here:
New Orleans Investment Conference
Wednesday-Saturday, October 14-17, 2020
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
Buyers can compose their case by choosing as many as four varietals from the list here:
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at email@example.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at firstname.lastname@example.org.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: