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Precious Metals Traders Charged with Market Manipulation Racketeering Conspiracy
Gregg Smith, Michael Nowak, and Christopher Jordan, three current and former precious metals traders at a U.S. bank, have been charged with a multi-year market manipulation racketeering conspiracy.
The charges were announced by Assistant Attorney General Brian A. Benczkowski and FBI Assistant Director in Charge William F. Sweeney Jr. of the FBI’s New York Field Office.
The alleged scheme, which spanned over eight years and involved thousands of unlawful trading sequences, was designed to manipulate the markets for precious metals futures contracts.
The defendants and their co-conspirators were allegedly members of the bank’s global precious metals trading desk in New York, London, and Singapore.
Each of the three defendants was charged with one count of conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity, known as RICO conspiracy.
They were also charged with conspiracy to commit wire fraud affecting a financial institution, bank fraud, commodities fraud, price manipulation, and spoofing.
The case is being prosecuted by the U.S. Attorney’s Office for the Northern District of Illinois, with assistance from the FBI’s New York Field Office.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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