PMorgan’s Gold And Silver Desk Was A Criminal Enterprise – US Justice Department

September 18, 2019

◆ JPMorgan’s head of precious metals trading and senior traders have been charged by the U.S. Department of Justice with rigging precious metal prices in a “massive, multiyear scheme”

◆ The DOJ’s indictment said the scheme generated millions of dollars in profits for JPMorgan Chase and caused millions in losses for counter-parties, prosecutors said

◆ JPM precious metals desk chief, Michael Nowak, who was indicted is a JPM managing director and London Bullion Market Association (LBMA) board member

◆ The U.S. DoJ has invoked RICO or Racketeer Influenced and Corrupt Organizations Act racketeering law in charging JP Morgan and racketeering is very rarely used in cases involving large banks

◆ JPM is accused of illegally monopolizing the silver futures market, engaging in “widespread spoofing, market manipulation and fraud” in the gold and silver market and defrauding investors

◆ JP Morgan may have accumulated the biggest stockpile of physical silver in history – See JP Morgan Cornering Silver Market?

Source: Goldchartsrus.com

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Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth. 

The periodic symbol for gold is AU which come from the Latin for gold aurum.

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