this post was submitted on 22 Aug 2023
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Two former JPMorgan traders sentenced to prison for fraud (www.reuters.com)
submitted 2 years ago by [email protected] to c/[email protected]
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WASHINGTON, Aug 22 (Reuters) - Two former precious metals traders at JPMorgan Chase (JPM.N) were sentenced on Tuesday for engaging in fraud, attempted price manipulation and spoofing, the U.S. Justice Department said in a statement.

Gregg Smith, 59, of Scarsdale, New York, was sentenced to two years in prison and a $50,000 fine while Michael Nowak, 49, of Montclair, New Jersey, was sentenced to one year and one day in prison and a $35,000 fine, the Justice Department said.

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[–] [email protected] 1 points 2 years ago

Why is it JP Morgan always gets the grace in the headlines? Former employees, right. "They were caught by authorities, who told us, and we got our ducks in a row and fired them and then let them get arrested". Every time.