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U.S. Is Pursuing More Charges at JPMorgan Over Metals Trades

Monday, September 16th

"Federal prosecutors are closing in on JPMorgan Chase & Co. officials in an investigation of price rigging in precious metals markets.

With help from at least two of the bank’s former traders who pleaded guilty, the government is looking to bring charges against people higher up the chain at the bank, two people familiar with the years-old inquiry said. Just last month, a managing director who oversaw global precious-metals trading was placed on leave along with another employee, other people said.

The traders who admitted guilt said the manipulation was routine, sanctioned by higher-ups and went on for years. “While at JPMorgan I was instructed by supervisors and more senior traders to trade in a certain fashion, namely to place orders that I intended to cancel before execution,” former trader John Edmonds said at a October 2018 hearing after pleading guilty to commodities fraud and conspiracy."

Read more: https://www.bloomberg.com/news/articles/2019-09-16/u-s-is-pursuing-more-charges-at-jpmorgan-over-metals-trades

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