JPMorgan Gold Desk Ripped Off Market for Years, Jurors Told
- US says three from bank ‘decided to cheat’ with spoof trades
- Defense says orders were genuine, didn’t manipulate prices
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The precious-metals business at JPMorgan Chase & Co. operated for years as a corrupt group of traders and sales staff who manipulated gold and silver markets for the benefit of the bank and its prized clients, a federal prosecutor told jurors in Chicago.
“This case is about a criminal conspiracy inside one of Wall Street’s largest banks,” said Lucy Jennings, a prosecutor with the Justice Department’s fraud section. “To make more money for themselves, they decided to cheat.”