The government can’t really know what was inside the traders’ minds when thousands of orders were placed?
Years after JP Morgan paid a $920 million fine for manipulating the #gold, #silver, and treasury futures markets, the trial for several of their traders who are facing RICO charges has finally begun.
While the government is asserting that Michael Nowak, Gregg Smith, and Jeffrey Ruffo spoofed the markets on thousands of occasions in order to illegally profit, the defendants’ attorneys are suggesting that was not the case, and that the government can’t really know what was inside the traders’ minds when the orders were placed.
What’s interesting though are some of the other witnesses who will be testifying, such as John Edmonds, who have already acknowledged guilt, and said that this was common practice at the firm, and taught to them by senior traders.
Hopefully as the case goes on there will be more information that comes out, as well as potential chat transcripts, that could shed light on some of the specific occasions where the price was distorted.
But to find out what’s happened so far, as well as the other gold and silver news today, click to watch the video now!