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››JPMorgan Desk did the right thing to profit from it, says ex-trader

JPMorgan Desk did the right thing to profit from it, says ex-trader

By Laura Wirth
July 13, 2022
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By Lauraann Wood (July 12, 2022, 9:23 p.m. EDT) – A former trader who admitted to usurping the market at JPMorgan Chase told a federal jury in Illinois on Tuesday that he learned about market manipulation from two former colleagues who defend the charges that they deceived the commodities market in a criminal racketeering conspiracy.

During direct examination, former JPMorgan trader John Edmonds testified that he spoofed the precious metals market “probably a few times a week” between 2009 and 2015 using price manipulation techniques that he had never seen them until he learned of them from Gregg Smith, one of the members of the bank. top traders and Michael Nowak, who ran the bank’s precious metals office. The three often…

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