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Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy

 
The Natural One
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09/16/2019 07:24 AM
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Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
My spidey senses tell me that this is going to be a big deal...
______________________________________________
[link to www.justice.gov (secure)]

Department of Justice
Office of Public Affairs
FOR IMMEDIATE RELEASE
Monday, September 16, 2019

Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy

Two current precious metals traders and one former trader in the New York offices of a U.S. bank (Bank A) were charged in an indictment unsealed today for their alleged participation in a racketeering conspiracy and other federal crimes in connection with the manipulation of the markets for precious metals futures contracts, which spanned over eight years and involved thousands of unlawful trading sequences.

Charged in the indictment are:

Gregg Smith, 55, of Scarsdale, New York. Smith was an executive director and trader on Bank A’s precious metals desk in New York. He joined Bank A in May 2008 after it acquired another U.S. bank (Bank B).

Michael Nowak, 45, of Montclair, New Jersey. Nowak was a managing director and ran Bank A’s global precious metals desk. He joined Bank A in July 1996.

Christopher Jordan, 47, of Mountainside, New Jersey. Jordan joined Bank A in March 2006 and was an executive director and trader on Bank A’s precious metals desk in New York. Jordan left Bank A in December 2009 and worked as a precious metals trader at a Swiss bank (Bank C) in New York from March 2010 until August 2010. From June 2011 until October 2011, Jordan traded precious metals futures contracts as an employee of a financial service company (Company D) in New York.
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BoomTrump
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Festus Hoggbottom

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09/16/2019 07:27 AM

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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
They raked in billions duping people and they'll be fined a couple million. It won't even slow them down. Cost of doing business.
I did it. I did it on purpose. And I'll do it again.
pool
I will find you in the bluer

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09/16/2019 07:30 AM

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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
Every stock I watch that is below $3 is a pump and dump million share a trade scam.
Don't pollute yourself with 'diet'.
Lance Roseman From BC

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09/16/2019 08:38 AM
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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
So....Ted Butler and everyone at GATA were seemingly correct.
This could easily turn into a massive Class Action lawsuit by everyone involved in PM's trading including miners. You take Sprott and Neumeyer and you are dealing with 2 powerhouses with very deep pockets.
If you are not busy weaving your own magick, you are trapped in anothers spell.
“It’s time you realized that you have something in you more powerful and miraculous than the things that affect you and make you dance like a puppet.” – Marcus Aurelius
MissCleo

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09/16/2019 08:42 AM

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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
What does this mean for the PM market?
Lance Roseman From BC

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09/16/2019 08:54 AM
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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
What does this mean for the PM market?
 Quoting: MissCleo


It depends on the outcome. Normally something like this gets buried and a fine is paid but, miners and traders are getting sick of that. If more links in the chain are found it could unfetter the markets.
If you are not busy weaving your own magick, you are trapped in anothers spell.
“It’s time you realized that you have something in you more powerful and miraculous than the things that affect you and make you dance like a puppet.” – Marcus Aurelius
Anonymous Coward
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09/16/2019 09:01 AM
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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
Saddle up silvertards time to ride!!!
The Natural One  (OP)

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09/16/2019 09:21 AM
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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
[link to twitter.com (secure)]

DawsonSField
@DawsonSField

JPMorgan bank execs charged with racketeering to manipulate precious metals markets for at least 8 years!!!

RICO conspiracy charges have been unsealed for JPMorgan Bank!
#ButNothingsHappening
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Justice Department
@TheJusticeDept
· 2h
Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
[link to justice.gov (secure)]

7:11 AM · Sep 16, 2019·
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The Natural One  (OP)

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09/16/2019 09:22 AM
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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
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DawsonSField
@DawsonSField

Obama what was your DOJ doing?
This racketeering activity began in May 2008 until August 2016.

Why were the corruptocrats so desperate to get Hillary elected in 2016? It wasn't about Trump but stopping these investigations!


7:11 AM · Sep 16, 2019

intdasting
TRUST THE PLAN - Q
The Natural One  (OP)

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09/16/2019 09:23 AM
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DawsonSField
@DawsonSField
A few month ago, one of the traders involved in the scheme had DOJ announce his resignation from JPMorgan & his guilty plea at the same time. Which means he flipped before he left this bunch of racketeers.
Quote Tweet


DawsonSField
@DawsonSField
· Aug 23
It looks like Trunz worked for JP Morgan all the way up to the DOJ announcing his resignation when they announced his guilty plea. I wonder how long he continued to work at @jpmorgan while cooperating with the DOJ?
This is gigantic!

Show this thread [link to pbs.twimg.com (secure)]

7:40 AM · Sep 16, 2019·
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The Natural One  (OP)

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DawsonSField
@DawsonSField

In addition, in June of 2019 Merrill Lynch & Bank of America also agreed to flip on their executives & hand over the #receipts for dirty trades from 2008-2014!
Quote Tweet

DawsonSField
@DawsonSField
· Jun 29
Merrill Lynch's commodities unit pays $25M & agrees to cooperate for rigging the cost of precious metals on the futures market from 2008-2014. I guess no one was looking for corruption during that time period! #ButNothingsHappening
[link to justice.gov (secure)]
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7:43 AM · Sep 16, 2019·
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bigD111

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09/16/2019 09:51 AM

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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
We knew a few years ago that the markets were under the control of these large banks, it is happening with every commodity!!! Crooked as hell!
deplorably republican
Bright Side
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09/16/2019 10:12 AM

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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
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DawsonSField
@DawsonSField

Obama what was your DOJ doing?
This racketeering activity began in May 2008 until August 2016.

Why were the corruptocrats so desperate to get Hillary elected in 2016? It wasn't about Trump but stopping these investigations!


7:11 AM · Sep 16, 2019

intdasting
 Quoting: The Natural One


Ok so now the part about Hillary promising Rosenstein the DOJ and accordingly he went to shut down the special programs makes sense. He was making sure when she got in all their little fingers weren't exposed. He didn't do it to hide criminality (wasn't expecting to have to) just enough to not expose what was not known should any new influences within her admin figure it out.


Even Hillary wasn't aware of all the crimes of the Obama admin... Now that's saying something.
Life is a spiritual war and no matter where we lay our head, we live in a warzone.

There will be casualties.

You do get to choose your side. I chose the Bright Side where my God fights for me.

Others chose the Dark Side and fight for an entity that views them with disdain and discards them.
Anonymous Coward
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09/16/2019 10:17 AM
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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
My spidey senses tell me that this is going to be a big deal...
______________________________________________
[link to www.justice.gov (secure)]

Department of Justice
Office of Public Affairs
FOR IMMEDIATE RELEASE
Monday, September 16, 2019

Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy

Two current precious metals traders and one former trader in the New York offices of a U.S. bank (Bank A) were charged in an indictment unsealed today for their alleged participation in a racketeering conspiracy and other federal crimes in connection with the manipulation of the markets for precious metals futures contracts, which spanned over eight years and involved thousands of unlawful trading sequences.

Charged in the indictment are:

Gregg Smith, 55, of Scarsdale, New York. Smith was an executive director and trader on Bank A’s precious metals desk in New York. He joined Bank A in May 2008 after it acquired another U.S. bank (Bank B).

Michael Nowak, 45, of Montclair, New Jersey. Nowak was a managing director and ran Bank A’s global precious metals desk. He joined Bank A in July 1996.

Christopher Jordan, 47, of Mountainside, New Jersey. Jordan joined Bank A in March 2006 and was an executive director and trader on Bank A’s precious metals desk in New York. Jordan left Bank A in December 2009 and worked as a precious metals trader at a Swiss bank (Bank C) in New York from March 2010 until August 2010. From June 2011 until October 2011, Jordan traded precious metals futures contracts as an employee of a financial service company (Company D) in New York.
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...

:BoomTrump:
 Quoting: The Natural One

Well it is about time.
ShortStop

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09/16/2019 10:36 AM

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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
The CFTC and the CME had to be in on it. No trade lot limits for banks in such a small market and huge moves occurring in thin premarket trading? Come on! Who was the trader that told the CFTC exactly how the PM markets were going to be manipulated and it happened exactly as described? Maguire? There’s usually a Goldman Sachs guy heading up the CFTC, put them on the list too.

Last Edited by ShortStop on 09/16/2019 10:40 AM
Blessedtobehere

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09/16/2019 10:36 AM
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bump
Anonymous Coward
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09/16/2019 10:45 AM
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About time...

They have been manipulating the gold and silver prices for years and selling Paper gold that does not exist....
Anonymous Coward
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09/16/2019 10:56 AM
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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
[link to twitter.com (secure)]

DawsonSField
@DawsonSField

JPMorgan bank execs charged with racketeering to manipulate precious metals markets for at least 8 years!!!

RICO conspiracy charges have been unsealed for JPMorgan Bank!
#ButNothingsHappening
Quote Tweet

Justice Department
@TheJusticeDept
· 2h
Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
[link to justice.gov (secure)]

7:11 AM · Sep 16, 2019·
 Quoting: The Natural One


:popcorncat:
Anonymous Coward
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09/16/2019 11:04 AM
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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
Nice find op.

Government wants dating money and none will go to the actual victims.
bigD111

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09/16/2019 11:06 AM

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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
The CFTC and the CME had to be in on it. No trade lot limits for banks in such a small market and huge moves occurring in thin premarket trading? Come on! Who was the trader that told the CFTC exactly how the PM markets were going to be manipulated and it happened exactly as described? Maguire? There’s usually a Goldman Sachs guy heading up the CFTC, put them on the list too.
 Quoting: ShortStop


Yes, they were in on it. It's an old game they play to suppress prices!
deplorably republican
Lance Roseman From BC

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09/16/2019 11:19 AM
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Nice find op.

Government wants dating money and none will go to the actual victims.
 Quoting: Anonymous Coward 76081554


Not if a Class Action is launched by the miners/large investors. There are quite a few very active CEO's...
If you are not busy weaving your own magick, you are trapped in anothers spell.
“It’s time you realized that you have something in you more powerful and miraculous than the things that affect you and make you dance like a puppet.” – Marcus Aurelius
nadaprepper
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09/16/2019 11:26 AM
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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
What does this mean for the PM market?
 Quoting: MissCleo


...ever try to hold a balloon under water?


it's like that...eventually it just shoots up...


watch SLV and IAU...


after all this manipulation crap is cleared up...


PM will rocket to da moon!

seal
AxX

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09/16/2019 12:04 PM

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"#ButNothingsHappening" ???
Energy flows where focus goes.

[25/77/19]

Rev 3:9 <-- Wonder who these guys are?

“The future’s uncertain and The End is always near!” - Jim Morrison, 1970
Evangelina

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09/16/2019 12:11 PM
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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
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DawsonSField
@DawsonSField

Obama what was your DOJ doing?
This racketeering activity began in May 2008 until August 2016.

Why were the corruptocrats so desperate to get Hillary elected in 2016? It wasn't about Trump but stopping these investigations!


7:11 AM · Sep 16, 2019

intdasting
 Quoting: The Natural One


Your spidey senses are likely right! Interesting thread!

a21dd22db7
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Anonymous Coward
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sealbushtardsealbushtardseal
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09/16/2019 12:58 PM
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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
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DawsonSField
@DawsonSField

Obama what was your DOJ doing?
This racketeering activity began in May 2008 until August 2016.

Why were the corruptocrats so desperate to get Hillary elected in 2016? It wasn't about Trump but stopping these investigations!


7:11 AM · Sep 16, 2019

:intdasting:
 Quoting: The Natural One


Your spidey senses are likely right! Interesting thread!

:a21dd22db7:
 Quoting: Evangelina


Sounds like a crypto thread; ‘crypto CEOs accused of multi-year market manipulation racketeering, yet nothing can be done as market remains unregulated - pillaging continues.’
ShortStop

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09/16/2019 01:47 PM

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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
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DawsonSField
@DawsonSField

Obama what was your DOJ doing?
This racketeering activity began in May 2008 until August 2016.

Why were the corruptocrats so desperate to get Hillary elected in 2016? It wasn't about Trump but stopping these investigations!


7:11 AM · Sep 16, 2019

intdasting
 Quoting: The Natural One


Your spidey senses are likely right! Interesting thread!

a21dd22db7
 Quoting: Evangelina


Yes, the Obama administration was a corrupt regime, but PM manipulation goes way back. Probably a Deep State operation going back to Nixon.

The U.S. continued to allow foreign governments to exchange dollars for gold until 1971, when President Richard Nixon abruptly ended the practice to stop dollar-flush foreigners from sapping U.S. gold reserves.

[link to mentalfloss.com]
Lance Roseman From BC

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09/16/2019 01:51 PM
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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
It goes back to 1873 [link to www.investopedia.com (secure)]
Hence the allegorical 'Wizard of Oz'....(silver slippers, not ruby).
If you are not busy weaving your own magick, you are trapped in anothers spell.
“It’s time you realized that you have something in you more powerful and miraculous than the things that affect you and make you dance like a puppet.” – Marcus Aurelius
RepublicofTexas

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09/16/2019 01:55 PM
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They will eventually get around to manipulating the crypto markets too, huh?
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Anonymous Coward
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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
gold plated tungsten bricks?
ShortStop

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09/16/2019 02:18 PM

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Re: Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
It goes back to 1873 [link to www.investopedia.com (secure)]
Hence the allegorical 'Wizard of Oz'....(silver slippers, not ruby).
 Quoting: Lance Roseman From BC


Until 1873, the United States used a system of bimetallism, which used both gold and silver as comparison points for the relative value of legal tender and set a fixed exchange rate between the two. When the Coinage Act of 1873 removed silver from the equation, people who owned large amounts of silver were no longer able to turn that silver into money.

Did not know that! That must have been huge! Silver holders got screwed!





GLP