Traders at too big to fail Wall Street bank JPMorgan Chase indicted by Justice Dept on racketeering charges for rigging gold, silver and other precious metal markets.
RICO is typically used to indict mobsters – which makes its use against employees of the largest bank in America a very disquieting event.
By Pam Martens and Russ Martens of Wall Street on Parade
Yesterday, three traders at JPMorgan Chase, the bank headed by Jamie Dimon, got smacked with the same kind of criminal felony charge that was used to indict members of the Gambino crime family in 2017. The charge is racketeering and falls under the Racketeer Influenced and Corrupt Organizations Act or RICO. According to the Justice Department, the traders engaged in a pattern of rigging the gold, silver and other precious metals markets from approximately May 2008 to August 2016.
One of the traders, Michael Nowak, was actually a Managing Director at the bank and the head of its Global Precious Metals Desk. The other two traders are Gregg Smith and Christopher Jordan.
RICO is typically…
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