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Ex-JP Morgan precious metals spoofers get combined $350,000 fine

Gold bullion bars and gold nugget.
Photo: James D Morgan/Getty Images

Alexander Barzacanos

1 min read
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Consent orders require two former precious metals traders to pay hefty civil penalties and accept industry bans, concluding an enforcement action launched in 2019.

The CFTC issued a press release stating that a federal judge in the Northern District of Illinois entered two consent orders against two former JP Morgan Employees, Gregg Smith and Michael Nowak, for spoofing in precious metals futures markets over 10 years ago.

Under the orders, Smith will pay a $200,000

Spoofing

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