Three former JPMorgan Chase & Co (JPM.N) employees were acquitted of racketeering and conspiracy charges in a landmark precious metals manipulation trial on Wednesday, although former head of the JPMorgan Chase & Co. precious-metals business and his top gold trader were convicted on charges they manipulated (spoofed) the markets for years.
Spoofing involves placing and then quickly canceling orders to falsely create the impression of high demand or supply. The defendants were accused of using the tactic to manipulate futures on precious metals futures between 2008 and 2016.
While this can be hailed that the convictions send a clear signal that Wall Street executives may not be above the law, it certainly underscores the fact that banks get away with a slap on the wrist.
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