JPMorgan Chase, accused of presiding over thousands of episodes of illegal trading in precious metals and Treasury markets, said Tuesday that it will pay about $920 million as part of an agreement with the Justice Department.
The Justice Department said employees stationed on desks in New York, London and Singapore engaged in an unlawful schemes to trade gold, silver, platinum, and palladium futures contracts, scooping up orders with the intention of canceling them before they were executed.
“The conduct of the individuals referenced in today’s resolutions is unacceptable and they are no longer with the firm,” Daniel Pinto, co-president of JPMorgan, said in a statement.
The manipulations in metals markets — which began around 2008 and lasted into 2016 — involved ten former traders, according to a deferred prosecution agreement signed by Stacey Friedman, the banking giant’s top lawyer.
Five former JPMorgan employees also participated in thousands of instances of illegal trading in Treasury markets, the agreement said.
“For nearly a decade, a significant number of JP Morgan traders and sales personnel openly disregarded U.S. laws that serve to protect against illegal activity in the marketplace,” William F. Sweeney Jr., the assistant director in charge of the FBI’s New York field office, said in a statement.
In the statement, Sweeney added that the big-bucks penalty should serve as a “stark reminder to others that allegations of this nature will be aggressively investigated.”
Lol
This states the manipulation started around 2008.
Hardly.
There is a London gold/ silver fix. It’s a real thing.
Jpm supposedly purchased tons of metals mainly silver. They sell it to their subsidiaries for a small gain and buy it back at the subsidiaries loss. Jpm looks like a winner and the subsidiary takes a loss I mean tax credit.
Now take a hundred subsidiaries and pass the paper around the table and when the music stops everyone wins. Except the people actually investing in the metals. They get a reduction in asset value and pay the premiums both directions.
When the music is over. For real. The value will far outweigh the length of investment as it will be all that’s left.
Now take paper metals and see people standing for delivery who are getting fed notes as payment. The system must eat itself. It’s natural law. And no bank policy or government edict can stop it.
Bitcoin is rising faster than gold or silver, $500.00 ten years ago is worth over 10 grand today. Jamie Diamond, the Jew ass crook can’t touch it.
Yeah, I know. There are different opinions about bit coin, I’m likin’ it, shoot me….
I will tell you this, i would rather own bit coin than work for Disney! LMAO…
Anyone whos watched the silver spot prices for 17 years like I have, could clearly see the prices were being manipulated. Read some of the comments at kitco… alot of angry people! No restitution to victims of these Bankster’s scams, No jailtime for anyone involved and a fine that amounts to peanuts is just the cost of doing business to the US’s largest bank. Nothing changes expect the fleecing to continue.
Still better to own physical silver then be stuck with a stack of worthless sh*t paper dollars!!