JPMorgan Traders Indicted for Manipulating Gold and Silver Markets and Racketeering

Max Keiser of the Keiser Report
Three JPMorgan employees, Gregg Smith, Michael Nowak, and Christopher Jordan, were indicted on racketeering and fraud charges for ‘spoofing’ gold and silver markets by placing orders that they later canceled, in turn deceiving other participants about the actual supply and demand of the precious metals between May 2008 and August 2016.

Summary by JW Williams:

The Keiser Report exposed the manipulation nearly ten years ago when there was an insolvency crisis in 2008 that central bankers passed off as a liquidity crisis, and the Fed printed up as much as $17 trillion to bail out the banks. To cover up the problem, JPMorgan bought Bears Stearns, which was holding a massive short position in silver. Max Keiser said that JPMorgan then engaged in an enormous racketeering fraud scheme for a decade. JPMorgan is now blaming Bears Stearns for their crime wave that began in 2008 and continued into 2016.
 
JPMorgan’s inherited silver short positions outnumbered the amount of available physical silver in the market. JPMorgan had to leverage their balance sheets to the level of declaring bankruptcy and the price of silver went from $15 per ounce to $50 per ounce. Keiser said that JPMorgan was essentially bailed out by financial propaganda and new laws that allowed more shorts on silver, creating counterfeit sales. He predicts that JPMorgan will get a slap on the wrist, most likely a fine, and the traders will serve little to no prison time, although they face 30-year sentences. He went on to claim that Jaime Dimon and JPMorgan are still engaged in precious metal manipulation fraud today.
 
Former Attorney General Eric Holder failed to prosecute the bankers who caused the financial crisis as if they were above the law.
 
The RICO racketeering charges allow law enforcement to go after the crime boss who ordered the crimes. Michael Nowak was, until recently, the head of JPMorgan’s precious metals trading. It will be difficult to fill his position due to risk of being indicted. David Meister headed the Commodity Futures Trading Commission (CTFC) until 2013 and absolved JPMorgan of manipulation. Meister is now the lawyer for Michael Nowak.
 
Each of the three JP Morgan employees was hit with charges of conspiracy to commit wire fraud affecting a financial institution, bank fraud, commodities fraud, price manipulation and spoofing; and conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity, often known as RICO conspiracy, the DOJ said.

From Fox Business News:

JPMorgan traders indicted for market manipulation, racketeering: feds

https://www.foxbusiness.com/markets/jpmorgan-traders-indicted-for-market-manipulation-racketeering-feds

 

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JPMorgan Traders Indicted for Manipulating Gold and Silver Markets and Racketeering | WeAreChangeTV.US
4 years ago

[…] 26, 2019 Max Keiser and Fox News No Comments This post was originally published on this […]

terry shead
terry shead
4 years ago

Has Max says these gangsters and the bullion banks and the government should be in jail, they will find another way of complete corruption.