“Our job was to do whatever it takes to make money,” a former JPMorgan trader said at the trial of three former colleagues charged with fraud.
JPMorgan’s gold trading and sales team was so focused on making money that they scammed the market for years with so-called spoofing trades, according to a former colleague who testified at the trial of three former bank employees charged with fraud.manipulate prices for all sorts
Edmonds described how he learned to spoof at JPMorgan. If he wanted to sell at a higher price, he’d put orders in above the current market price, and then place huge orders to buy at higher prices that he’d cancel before they could be executed. “I wanted to drive the price where I wanted it to go” by creating a false indication of demand, he said.
Traders on Nowak’s desk engaged in spoofing as a core business practice, doing it more than 50,000 times over nearly a decade, prosecutors allege, though the jury will only hear about a tiny portion of those. Edmonds said he never reported anyone for violating the bank’s compliance policy on trading. When asked why not, he told the jury: “I would have been fired. This was my dream job.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EML payments got ‘smashed’ on share market today
Read more »
Auction clearance rates being pushed down to 49 per cent
Read more »
BlackRock, JPMorgan face squeeze on profits at China fundsThe common practice of sharing fees in China can be traced back to 2008’s bear market, when fund houses had to sacrifice revenue to incentivise banks to sell their products,
Read more »
Storm's Brandon Smith banned for three games for swearing at refereeThe NRL judiciary has banned Melbourne hooker Brandon Smith for three matches for calling referee Adam Gee a 'cheating bastard' in their loss to Cronulla.
Read more »
J Capital’s Mali stinkerJ Capital’s new and rather late attack on Lake Resources follows a shocker long bet on gold and lithium minnow Firefinch.
Read more »
WA gold explorer Magnetic Resources rattles the tinWest Australian gold explorer Magnetic Resources was asking investors for an equity injection on Monday morning, while Jefferies runs a strategic review to drum up ownership options for the business.
Read more »