JPMorgan's Ex-Gold Trader Sentenced to 2 Years for Fraud and Market Manipulation
Former JPMorgan gold trader Gregg Smith has been sentenced to nearly two years in prison for fraud and market manipulation, the longest prison term given to an individual in the government's crackdown on market manipulation. Smith, along with his boss Michael Nowak, was convicted for manipulating gold and silver prices from 2008 to 2016. Smith was described as "the most prolific 'spoofer'" for orchestrating an illegal scheme of placing bogus market orders to manipulate share prices. Nowak, described as "the boss" behind the scheme, was sentenced to one year and one day. Three other former JPMorgan traders were also accused of manipulating international markets for gold and silver.