JPMorgan’s ‘Big Hitters’ of Gold Market Face Trial Over Spoofing

-"The former JPMorgan Chase & Co. managing director ran the bank’s precious metals business for more than a decade, making hundreds of millions of dollars in profit trading everything from silver to palladium. Now, he and two of his former colleagues face a federal jury in Chicago on criminal charges for thousands of so-called spoofing trades, which prosecutors say were used for years to generate illicit gains for JPMorgan and its top clients.

The trial, slated to kick off Thursday, threatens to lay bare the inner workings of the prestigious bank that has long dominated the market for gold. The government says Nowak’s business operated as a criminal enterprise, manipulating prices from 2008 to 2016 by placing thousands of trade orders that were never intended to be executed. If convicted, the three men are among the biggest players yet to face prison for price manipulation."
- yahoo finance

Biggest US Banks by Asset Size (2021)
Rank Total Assets Bank Name
1 $3,476,711,000,000 JPMorgan Chase Bank
2 $2,513,619,000,000 Bank of America
3 $1,764,272,000,000 Wells Fargo Bank
4 $1,718,008,000,000 Citibank
5 $577,543,938,000 U.S. Bank
6 $534,892,194,000 PNC Bank
7 $531,045,000,000 Truist Bank
8 $474,643,000,000 Goldman Sachs Bank USA
9 $434,627,000,000 Charles Schwab Bank, SSB
10 $417,358,419,000 TD Bank
- usbanklocations dot com


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