As you likely know, a major trader at JP Morgan has been convicted of precious metals price manipulation through spoofing and other techniques. This person is now cooperating with prosecutors in an attempt to lessen his prison sentence.
JPM has attempted to sheepdip this person as a "low-level trader" but, in fact, he was a full vice president at the firm and has testified that his managers and superiors knew of and encouraged his actions. That his sentencing continues to be delayed is a sure sign that prosecutors are pleased with the what he had divulged thus far.
In today's latest news, JP Morgan finally acknowledges that "various authorities are conducting investigations". See below:
This story is far from over and it will continue to evolve through the year. Please be sure to read the full link here:
TF
