#Desktop goose on iphone trial#

Smith, the top gold trader, got $9.9 million. Ruffo, the bank’s hedge fund salesman, was paid $10.5 million from 2008 to 2016. “JPMorgan’s top precious metals employees on the desk were remunerated handsomely, and some jurors audibly gasped when the court was told how much the defendants had earned. Morgan made $1 billion from trading precious metals.īloomberg news reported that their top traders and employees were rewarded handsomely.

#Desktop goose on iphone trial#

The profits disclosed in the trial were overshadowed by profits obtained in 2020 when J.P. The vast majority of these gains came from trading with an additional $30 million per year profit resulting from their trading and transporting physical precious metals. Testimony and court documents revealed how profitable it was for the trading team at JPMorgan, estimated annual profits were between $109 million and $234 million per year between 20. He told the jury, 'The defendants had power and influence, and together they abused their positions and rigged the precious metals markets for their gain,'

The government’s prosecutor, Matthew Sullivan said during closing arguments on Thursday that Nowak and Smith taught the pair to spoof as part of a yearslong scheme. The trial uncovered some startling and alarming facts and details. The trial has run its course and the jury has now gone into deliberation to reach a verdict. Justice Department alleged that a deliberate plan to manipulate and profit from futures trading of gold, silver, platinum, and palladium was spearheaded by Michael Nowak, “the boss”.Īccording to Reuters, “The bank's former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo are accused of conspiring to defraud market participants via a manipulative trading tactic known as spoofing.” Justice Department has brought charges against three former JPMorgan employees charging them with conspiracy and racketeering charges for manipulating futures trading of precious metals between 20. It seems that for well over a decade the Wolf (JPMorgan) guarded the golden goose. Extensive exposés by Bloomberg and Reuters News covering the current trial of JPMorgan Chase & Co.’s gold traders revealed shocking details of how deep the rabbit hole went, and how massive the fraud was.