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JP Morgan traders face charges on manipulating market

Posted on Monday, September 16th, 2019 By The Associated Press

NEW YORK (AP) — Two current traders and one former trader in the New York offices of JPMorgan are charged with manipulating the precious metals futures market.

The Justice Department announced an indictment Monday against Gregg Smith of Scarsdale, New York; Michael Nowak of Montclair, New Jersey; and Christopher Jordan of Mountainside, New Jersey.

New York FBI official William F. Sweeney Jr. says the men are accused of an eight-year scheme to trade precious metals in a way that negatively affected "the natural balance of supply-and-demand."

JPMorgan declined to comment.

Nowak's attorneys said he has done nothing wrong and they expect him to be fully exonerated.

The names of Smith's and Jordan's lawyers weren't immediately available.

They were awaiting court appearances in New York and New Jersey. The federal indictment was issued in Illinois.

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