The Justice Department’s move against JPMorgan’s most senior bullion bankers was celebrated in some corners of the gold and silver markets, where investors and bloggers have long accused the bank of a large-scale scheme to manipulate prices lower. Those allegations prompted multiple investigations by the Commodity Futures Trading Commission, the most recent of which was closed in 2013 after finding no evidence of wrongdoing.

The case against Nowak and Smith made no allegations of a systematic plot to suppress prices, instead arguing that they spoofed markets over very short periods of time, and in both directions, to benefit JPMorgan's most important hedge fund clients.

And while the convictions are a victory for the prosecutors, the jury rejected the government’s most sweeping charges — brought under the Racketeer Influenced and Corrupt Organizations Act, or RICO — that the men were part of a conspiracy and that JPMorgan’s precious metals desk was a criminal enterprise.

At JPMorgan, Edmonds said the practice was referred to as “clicking” rather than spoofing, and the traders never discussed it as being illegal despite the firm’s own compliance policies making it plain. Trunz even spoke of a running joke involving Smith, who would click his mouse so fast to place and cancel orders that his colleagues would urge him to put ice on his fingers.

In 2012, Gerko, who is the founder of quantitative trading firm XTX Markets Ltd., complained to the CME about Smith’s trading in gold futures by rapidly entering and canceling orders. The CME began an investigation, which dragged on for three years before concluding he’d likely been spoofing.

“It took a long time after 2010 to get consistent enforcement,” Gerko said in a tweet, referring to the Dodd-Frank act in which spoofing was defined and made illegal.

After another JPMorgan trader, Michel Simonian, was fired in 2014 for spoofing, Nowak called his traders into his office to ask if they'd been doing the same, according to Edmonds. No one said anything. The incident shocked Edmonds, he said, as Nowak knew it had been going on for years.

During the trial, Nowak appeared largely impassive, his face hidden behind a Covid mask. Industry insiders described him in 2020 as introverted and brainy, and testimony during the trial painted him as a well-liked manager, who became friendly with Trunz while the two did a stint working out of JPMorgan’s London office.

During trial, Trunz was asked whether he liked Nowak, the former trader responded: "I loved him."

However, the relationship became more complicated after Trunz was approached by authorities. When he contemplated making a deal with the government, Nowak told him not to, according to Trunz, who became audibly choked up as he gave the testimony.

Defense lawyers painted Trunz and Edmonds as unreliable — proven liars who were testifying against their clients in order to avoid lengthy prison sentences.

Nowak and Smith won’t be sentenced until next year. For comparison, two Deutsche Bank AG traders convicted of spoofing in 2020 were each sentenced to about a year in prison.

Last week’s conviction represents the pinnacle of the US Justice Department’s crackdown on the illegal trading practice known as spoofing. So far, prosecutors have managed to convict ten traders at five different banks.

JPMorgan has already paid $920 million to settle spoofing allegations against it.

“Even though the jury rejected the conspiracy and RICO charges, they will consider this a win,” said Matthew Mazur, an attorney at Dechert LLP who defended one of the Deutsche Bank traders. “This is probably the end of the precious metals sweep that was done, but I do think there will continue to be cases.”

Even after the crackdown, some market participants say spoofing still takes place. Back when commodity futures traded in the pits, brokers had to trade face-to-face. Hiding behind a screen makes it much easier to place and pull orders at will.

“We still see spoofing on a regular basis,” said Eric Zuccarelli, an independent commodities trader who began working on the floor of the New York Mercantile Exchange in 1986. “But back then if a person spoofed everybody would come over and punch you in the face and the floor committee would come over and fine you for being an butthole.”

https://www.justice.gov/opa/pr/former-jp-morgan-traders-convicted-fraud-attempted-price-manipulation-and-spoofing-multi-year

Scott played Chachi, cousin of The Fonz. When the Fonz had finished breaking Joanie Cunningham in, he passed her onto his younger relative. Their relationship lasted the rest of the series and into it's own spin-off show.

He then went on to star in Charles in Charge which was fricking terrible and was ran opposite The Fall Guy so nobody watched it. However, Scott has a lot of shit on Hollywood executives so the show was allowed to return.

Then he became a rightoid- maybe he always was idk. In principle I don't like rightoids but that c*nt in the video was asking for a dry slap and if Chachi wanted to give her it with his ring hand, nobody would have blamed him.

Bottom text

Today, fellow dramanauts, I appeal to you to help fund a hole celebrating the greatest three seasons of network comedy television ever concieved. The primary objective of starting a hole like this will be to provide a place for background information about the show and my very own episode analyses, although any content connected to the show will be accepted. For some, creating a hole for a single show may seem superfluous given that we don't even have a generic TV hole yet, but Arrested Development is no ordinary show. It's a deep and complex work, as deep and meaningful as it is quick and funny. Even the name, Arrested Development, says so much about society once you grasp the deeper meaning of it in Season 3. Sure, you could have a hole dedicated to talking about whatever trash is on TV now of days, but wouldn't you much rather have one solely based around analyzing a complete piece of art that never should have been rebooted? Think about it. And then gimme your DC plz, thanks.

Discussion on Destiny's subreddit: https://old.reddit.com/r/Destiny/comments/wi2yqp/melina_in_the_background_getting_into_trouble_in/?sort=controversial

Guy sounds like an butthole. I'm pretty sure you cant murder someone for accidentally walking onto your property even in Texas.

But are you allowed to implicitly threaten to murder someone on your property?

He didn't threaten to murder them, he said "I can shoot you"

why even bring up that he can shoot them? like chill dude wtf, they are not a threat and they are not inside your house to be so hostile.

Least bloodthirsty larping American

Texans aren't Americans.

Shooting streamers on your property should be legal vote now

Any drama enthusiasts have suggestions for sites like get paid to do online surveys?

Read the title

knife attack

>For the third year in a row, Chicago is America’s most corrupt city, and Illinois is the third-most corrupt state, according to an annual report from the University of Illinois at Chicago.

>The report, co-authored by University of Illinois at Chicago professor and former 44th Ward Ald. Peepee Simpson, is based on an analysis of the public corruption statistics published by the U.S. Department of Justice.

ahdjhfjkefje

So @dont_log_me_out got scared by a pigeon that randomly appeared behind @dont_log_me_out on the staircase. Noticed that it was injured and couldn't fly. Remembered that the stray dogs eat pigeons around the neighborhood when they are able too catch them. Figured the pigeon was good as dead anyways so out of curiosity @dont_log_me_out took my broom and pushed the pigeon along about a hundred meters too where the stray dogs sleep. @dont_log_me_out whistled for them and one dog got up, whined a bit, then walked over too the pigeon whose path @dont_log_me_out had blocked on the other end, managed too grab it and carried it away too the garbage dump too most likely eat the injured fella.

Honestly @dont_log_me_out don't feel bad about it at all. However that's a very recent emotional change because generally @dont_log_me_out care about all animals.

Am @dont_log_me_out turning into a sociopath?