Sunday, 13 October, 2019

Justice Department charges three traders in market manipulation scheme

JPMorgan metals traders accused of manipulating prices Enlarge Image AFP Getty Images
Russell Knight | 19 September, 2019, 14:28

One of the finest gold merchants within the arena, the financial institution acknowledged in an August regulatory filing it became "responding to and cooperating with" investigations by varied authorities, including the Division of Justice, referring to trading practices within the metals markets.

Deutsche Bank, HSBC, and UBS reached agreements with the Commodity Futures Trading Commission past year to settle claims that their traders used spoofing to manipulate precious metals futures prices - paying $30 million, $1.6 million, and $15 million, respectively - in order to avoid admitting wrongdoing and the possibility of a prolonged court battle.

Reuters reported on September 12 that Nowak and Smith had been placed on leave from J.P Morgan in connection with the ongoing investigation.

The defendants allegedly placed orders they meant to cancel just before execution.

"We created market activity which artificially drove the sale price up and induced other market participants to purchase at an inflated price", he said.

The defendants "and their co-conspirators allegedly engaged in a complex scheme to trade precious metals in a way that negatively affected the natural balance of supply-and-demand", Federal Bureau of Investigation (FBI) Assistant Director William Sweeney said in the statement.

The Justice Department said the indictments are the latest in a series of cases involving commodities fraud that have resulted in eight guilty pleas and one 36-month prison sentence, with half a dozen others pending.

Messi return likely as Barcelona begin Champions League campaign
The 32-year-old has been named in the squad for Tuesday's game, but is expected to make a cameo appearance at most in Dortmund. Messi trained on Sunday and Monday after missing the first three La Liga matches of the season.

Taliban revoke ban on Red Cross, provide security guarantees
Despite the progress with the talks-they were a few hours away from signing the agreement-[the Taliban] suddenly heard that Mr. The new arrangement was worked out during talks in Doha, according to representatives from both the Taliban and the Red Cross.

Nadal to open in ATP Cup in Perth; Djokovic on east coast
In a huge coup for Western Australia, current world number two Rafael Nadal will represent Spain in his first visit to the State. Kyrgios is now ranked higher than any other Australian male tennis player at No 27, and presents a headache to Tennis Australia.

Deutsche Bank, HSBC Holdings Plc and UBS past year agreed to pay a total of about $50mn to settle civil claims by the Commodity Futures Trading Commission that the firms' traders engaged in spoofing techniques to manipulate prices of precious-metals futures. Smith and Jordan did not respond to requests for comment. The DOJ claimed the bankers made millions of dollars by defrauding other market participants, including some of their own clients, in thousands of illegal trade sequences.

The Justice Department has brought criminal charges against 16 people, including traders who worked for Deutsche Bank AG and UBS Group AG.

After Edmonds pleaded guilty, JPMorgan was hit with a proposed class action lawsuit by investors that also names Nowak and another onetime managing director, Robert Gottlieb.

A call to Smith's number at the bank was answered by an employee at the metals desk who directed questions to the bank's public relations department.

The indictment, which was unsealed in federal court in IL, alleges the traders were involved in a racketeering conspiracy that prosecutors say spanned eight years and involved thousands of transactions.

A spokesman for JPMorgan, which is one of the largest banks for trading commodities like precious metals, declined to comment.

All three each face two counts of conspiracy, one count of bank fraud and one count of wire fraud.

Recommended

  • Bournemouth’s Callum Wilson fires double to sink lacklustre Everton

    Bournemouth’s Callum Wilson fires double to sink lacklustre Everton

    Bournemouth manager Eddie Howe: "For me the start of the season has been that we've shown flashes of what we can do". Bournemouth goalkeeper Aaron Ramsdale hailed victory over Everton on Sunday.
    Woman swallows engagement ring in her sleep

    Woman swallows engagement ring in her sleep

    Ms Evans, a San Diego resident, later had a procedure to remove the ring but said she was asked to sign release forms in case of her death.
    Opioid Crisis-Purdue-Bankruptcy, DISREGARD, US

    Opioid Crisis-Purdue-Bankruptcy, DISREGARD, US

    It was noted that the bankruptcy protection will reportedly put lawsuits filed against Purdue Pharma to a temporary halt. It said Sackler transferred almost $40 million to Central Eight Realty LLC, which owns a NY townhouse on his behalf.
  • India arrests senior Kashmir leader under controversial law

    India arrests senior Kashmir leader under controversial law

    Vaiko's counsel told the court that there is no information about Abdullah and the provisions in which he has been detained. On the same day, Abdullah while speaking to TV channels had said that he had been kept under arrest in his house.
    Ashes: Joe Root on Steve Smith, Jofra Archer and the tied series

    Ashes: Joe Root on Steve Smith, Jofra Archer and the tied series

    Steve Smith and Jack Leach down played the spectacle controversy after the final match at the Oval in London . Ever since the start of this century, both England and Australia have managed to win the urn five times each.
    Who calls the tunes in space? Brad Pitt asks NASA astronaut

    Who calls the tunes in space? Brad Pitt asks NASA astronaut

    Detailed images of Mars from NASA's Jet Propulsion Laboratory informed the film's recreation of Martian landscapes, he said. Naturally, Pitt was on the ground as he's now doing promos for forthcoming film Ad Astra .
  • Huawei Mate 30 series in hand pictures and specs leak

    Huawei Mate 30 series in hand pictures and specs leak

    The smartphone manufacturer released a special edition of its Mate 20 Pro flagship previous year with Porsche-themed branding. What can you expect from the Mate 30 launch? There is 40W Fast Charging & 27W Wireless Charging support as well.
    Propane blast kills firefighter, injures his brother, others

    Propane blast kills firefighter, injures his brother, others

    A town official says a propane gas explosion has destroyed a building in Farmington, Maine , and killed a firefighter. Farmington is a town in Franklin County, about 28 miles northwest of Augusta or 68 miles northeast of Portland .
    Google Stadia coming to Android TV

    Google Stadia coming to Android TV

    As XDA Developers composed, Android refreshes for the TV stage are everything except sure to fall somewhat behind cell phones . Google played up its app ecosystem and is hoping to have upwards of 10,000 apps available on the Android TV platform by 2021.
  • Solomon ties switch shows China extending its influence in region

    Solomon ties switch shows China extending its influence in region

    Taiwan will close its embassy in Solomon Islands today and recall all technical and medical personnel stationed there, she said.
    Lampard trusts young guns for Chelsea Champions League bid

    Lampard trusts young guns for Chelsea Champions League bid

    Lampard afterwards insisted that Barkley is the regular penalty taker, and that when on the pitch he will take the spot kicks. I don't know what the conversation was, but Jorginho and Willian were the takers on the pitch.
    Robert Downey Jr. to return as Tony Stark

    Robert Downey Jr. to return as Tony Stark

    They added: "I went straight back to the press area afterward and was like YOU ALL HEARD IT, WRITE THAT DOWN". But now we have to whisper that fans will be mad to peek Robert Downey abet as Iron Man .

Taiwan says Solomon Islands switches recognition to China Taiwan says Solomon Islands switches recognition to China Taiwan shot back with a warning last week that the country would fall into "economic slavery" if it aligned with China. The diplomatic switch reduces the number of countries that recognise Taiwan to 16.

Mariano Rivera Says Learning English Made Him 'The Happiest Man in Baseball' Mariano Rivera Says Learning English Made Him 'The Happiest Man in Baseball' Mariano Rivera is known as one of the greatest relief pitchers of all time from his career playing for the New York Yankees . Rivera, who has regularly spoken out in support of Trump in the past, described the award as an "honour and privilege".

Bodies of 4 children recovered after Florida mom found slain, officials say Bodies of 4 children recovered after Florida mom found slain, officials say Marion County police mentioned a warrant has been issued for the arrest of Michael Jones on second-degree homicide fees. "Detectives are continuing their investigation regarding the missing children ", the sheriff's office said.

New York prosecutors subpoena Trump tax returns World News New York prosecutors subpoena Trump tax returns World News Vance's office declined to comment Monday on the tax return subpoenas, which were first reported by the New York Times . The U.S. attorney's office in NY informed a court last month that it was finished investigating the payments.

Meghan Markle shares unseen photo of royal baby Meghan Markle shares unseen photo of royal baby Meghan Markle not only shared a lovely message to her husband on Instagram , but she included a slew of photos of Prince Harry . On Sunday, Meghan Markle paid a tribute to her husband, the Duke of Sussex, on Instagram as he turned 35.

2,246 fetal remains found on property of abortion doctor who recently died 2,246 fetal remains found on property of abortion doctor who recently died Supreme Court upheld an IN law requiring the burial or cremation of fetal remains following abortions IN the state. "Personnel were directed to an area of the property where 2,246 medically preserved fetal remains were located".

Blast kills 24 at Afghan election rally, aide says president unhurt Blast kills 24 at Afghan election rally, aide says president unhurt Then it all went south when Trump tweeted that he was planning to hold a secret meeting with Taliban leaders at Camp David. Meanwhile, Afghan forces, backed by their US allies, receive intensified raids on militant hideouts in contemporary weeks.

Musk hired detective to investigate man behind ‘pedo guy’ lawsuit Musk hired detective to investigate man behind ‘pedo guy’ lawsuit Tesla CEO Elon Musk speaks before unveiling the Model Y vehicle at the company's design studio in Hawthorne, Calif., in March. It was also revealed on Monday that Musk had allegedly funded a private investigator to look into Unsworth.

Senior Democrats Dismiss Kavanaugh Impeachment Senior Democrats Dismiss Kavanaugh Impeachment Trump said Kavanaugh should start suing people for libel or the Justice Department should come to his rescue. Numerous journalism controversies I cover have shades of gray; this one was not a close call.

Flavored Vape Ban: NY Outlawing Flavored E-Cigarettes Flavored Vape Ban: NY Outlawing Flavored E-Cigarettes For now the state's ban does not include menthol products, which could prove a helpful transition for menthol cigarette smokers. New Jersey is also considering a ban, but it would cover all vaping products, not just the flavored ones.

Matt Gaetz: Lewandowski hearing revealed 'true fissure' among House Democrats Matt Gaetz: Lewandowski hearing revealed 'true fissure' among House Democrats If approved by the chamber, the Republican-controlled Senate would be left to hold a trial and consider the president's ouster. In letters to the committee on Monday, the White House said that Dearborn and Porter were "absolutely immune" from testifying.

Nemanja Matic frustrated with Man United role Nemanja Matic frustrated with Man United role Summer signings James, Aaron Wan Bissaka and Harry Maguire all have such qualities and their influence is beginning to rub off. I show my quality on the pitch, in training sessions and in games.

Almost all Ecuador citizens have personal data leaked Almost  all Ecuador citizens have personal data leaked The Ecuadorian telecommunications ministry said the data the breach was not a hack or cyber attack on government databases. The information could potentially be used to commit everything from phone scam to business fraud.

More evidence of Microsoft’s innovative Windows Core OS spotted More evidence of Microsoft’s innovative Windows Core OS spotted In this case, the affected IMEs include the CHS (Chinese Simplified) and CHT (Chinese Traditional) with Changjie/Quick keyboards. The second option is the one that Microsoft recommends and it involves disabling the multi-channel audio feature of your device.

Next-gen 'Wi-Fi 6' arrives, bringing with it faster wireless connectivity Next-gen 'Wi-Fi 6' arrives, bringing with it faster wireless connectivity The previous two generations have been retroactively changed to Wi-Fi 5 (802.11ac technology) and Wi-Fi 4 (802.11n technology). While the launch of a certificate might seem pretty mundane, when it comes to Wi-Fi it means its next evolutionary step.