Another JP Morgan trader pleads guilty to price manipulation
Aug 21, 2019
Remember when the government’s regulatory agencies said it was a “conspiracy theory” when people complained about the rigged system of commodities trading? People were buying precious metals that they knew by the fundamentals were getting scarce, and the prices should have gone higher. But they didn’t.
Now we are seeing how JP Morgan and others were scamming them by manipulating the prices downward. One more conspiracy theory is now conspiracy FACT.
Trunz admitted in the federal court in Brooklyn, New York, to having from July 2007 to August 2016 at JPMorgan and another bank placed thousands of orders for gold, platinum and palladium futures contracts that he never intended to complete.
While the Justice Department did not identify the banks by name in court papers, Trunz had worked for JPMorgan since at least 2008, according to the Financial Industry Regulatory Authority's BrokerCheck database.
Lawyers for Trunz did not immediately respond to requests for comment. A spokeswoman for JPMorgan declined to comment.
Trunz's plea followed a guilty plea to spoofing last October by another JPMorgan trader, John Edmonds, in a Connecticut federal court.
The Justice Department said Trunz, who worked in New York, London and Singapore, learned about spoofing from more senior traders and engaged in the practice with the consent of his immediate supervisors.