Former JPMorgan Traders Sentenced for Spoofing Scheme That Cost Market $10 Million

Gregg Smith and Michael Nowak, former JPMorgan Chase precious metals traders, sentenced to prison for market manipulation scheme involving spoofing from 2008-2016
Spoofing involves placing fake orders to manipulate market prices before executing real trades
Scheme led to $10 million in losses for other market participants
Smith received 2 year sentence, $50,000 fine
Nowak received 1 year and 1 day sentence, $35,000 fine

dailyhodl.com

Relevant topic timeline:

8/22/2023

JPMorgan's former gold trader Gregg Smith sentenced to 2 years for...

Former JPMorgan executive Gregg Smith was sentenced to nearly two years in prison, the harshest penalty given in the government's crackdown on market manipulation, for manipulating gold and silver prices from 2008 to 2016.

8/22/2023

Steroids for crypto: 'JuicePal' sentenced to 8 years behind bars

A New York drug dealer known as "JuicePal" has been sentenced to eight years in prison for using cryptocurrency to launder millions of dollars from an illegal steroid distribution operation.

9/8/2023

Thodex Founder Sentenced to Over 11,000 Years for $2B Crypto Fraud

The founder of a failed Turkish cryptocurrency exchange, Faruk Fatih Özer, has been sentenced to an 11,196-year prison term for charges including fraud, money laundering, and operating a criminal organization, after users lost $2 billion worth of cryptocurrency when the exchange collapsed in 2021.

9/19/2023

Former Indiana Congressman Stephen Buyer Sentenced to 22 Months in Prison for Insider Trading Schemes

Former Indiana Congressman Stephen Buyer has been sentenced to 22 months in prison for engaging in two insider trading schemes, where he used confidential information obtained through consulting work to make profitable trades in Sprint Corporation and Navigant Consulting, resulting in over $350,000 in forfeiture and restitution.

10/2/2023

Sam Bankman-Fried Faces Fraud Charges as FTX Trial Begins

Crypto superstar Sam Bankman-Fried faces trial on seven counts of fraud and conspiracy, including stealing billions of dollars from his crypto-trading platform FTX, and could potentially be sentenced to 110 years in prison if convicted.

10/9/2023

Big Banks Fined $53 Million for Failing to Report Derivatives Data

JP Morgan Chase, Bank of America, and Goldman Sachs have been fined by the Commodity Futures Trading Commission (CFTC) for failing to properly report millions of transactions in the swaps market, with Goldman Sachs receiving the biggest penalty of $30 million due to "unprecedented failures" in swap data reporting.

Topics

Posted 9/9/2023, 8:08:01 PM

Former JPMorgan Traders Sentenced for Spoofing Scheme That Cost Market $10 Million

Gregg Smith and Michael Nowak, former JPMorgan Chase precious metals traders, sentenced to prison for market manipulation scheme involving spoofing from 2008-2016
Spoofing involves placing fake orders to manipulate market prices before executing real trades
Scheme led to $10 million in losses for other market participants
Smith received 2 year sentence, $50,000 fine
Nowak received 1 year and 1 day sentence, $35,000 fine

dailyhodl.com

Relevant topic timeline:

8/22/2023

JPMorgan's former gold trader Gregg Smith sentenced to 2 years for...

8/22/2023

Steroids for crypto: 'JuicePal' sentenced to 8 years behind bars

A New York drug dealer known as "JuicePal" has been sentenced to eight years in prison for using cryptocurrency to launder millions of dollars from an illegal steroid distribution operation.

9/8/2023

Thodex Founder Sentenced to Over 11,000 Years for $2B Crypto Fraud

9/19/2023

Former Indiana Congressman Stephen Buyer Sentenced to 22 Months in Prison for Insider Trading Schemes

10/2/2023

Sam Bankman-Fried Faces Fraud Charges as FTX Trial Begins

10/9/2023

Big Banks Fined $53 Million for Failing to Report Derivatives Data