◆ JPMorgan’s head of precious metals trading and senior traders have been charged by the U.S. Department of Justice with rigging precious metal prices in a “massive, multiyear scheme”
◆ The DOJ’s indictment said the scheme generated millions of dollars in profits for JPMorgan Chase and caused millions in losses for counter-parties, prosecutors said
◆ JPM precious metals desk chief, Michael Nowak, who was indicted is a JPM managing director and London Bullion Market Association (LBMA) board member
◆ The U.S. DoJ has invoked RICO or Racketeer Influenced and Corrupt Organizations Act racketeering law in charging JP Morgan and racketeering is very rarely used in cases involving large banks
◆ JPM is accused of illegally monopolizing the silver futures market, engaging in “widespread spoofing, market manipulation and fraud” in the gold and silver market and defrauding investors
◆ JP Morgan may have accumulated the biggest stockpile of physical silver in history – See JP Morgan Cornering Silver Market?