Three J.P. Morgan precious metals traders charged in criminal probe

Three J.P. Morgan precious metals traders charged in criminal probe

Federal prosecutors on Monday accused three J.P. Morgan precious metals traders, including the global head of base and precious metals trading, of participating in a racketeering conspiracy in connection with a multiyear scheme to manipulate the markets and defraud customers.

The alleged scheme saw the nation’s largest bank by assets profit handsomely, while investors suffered losses.

“We believe we will be able to prove that there are millions of dollars in profits [for the] bank and tens of millions of dollars of losses,” Assistant Attorney General Brian Benczkowski said in a media call on Monday.

via cnbc Three J.P. Morgan precious metals traders charged in criminal probe