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Another JPMorgan trader confesses to metals market manipulation, implicates superiors

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Published : August 21st, 2019
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By Kadhim Shubber
Financial Times, London
Tuesday, August 20, 2019

A second former JPMorgan Chase precious metals trader has pleaded guilty to criminal charges of spoofing, the U.S. Department of Justice said today.

Christian Trunz, who worked at the bank's London, Singapore, and New York offices, admitted placing thousands of orders for gold, silver, and other metals futures contracts that he did not intend to execute, according to the Justice Department.

The plea by Mr. Trunz, who prosecutors said resigned today as an executive director at JPMorgan, followed the guilty plea by John Edmonds, another former trader at the bank, last November.

"Trunz learned to spoof from more senior traders, and spoofed with the knowledge and consent of his supervisors," said the Justice Department, which said he was co-operating with its ongoing investigation.

The case is the latest in a series of prosecutions brought by U.S. authorities as they have cracked down on spoofing, which involves placing and rapidly canceling orders in order to dupe the market.

Prosecutors said the conduct occurred between July 2007 and August 2016. The Justice Department did not identify JPMorgan, but the Financial Industry Regulatory Authority lists Mr. Trunz, 34, as an employee of the bank since 2007.

The bank said in a February regulatory filing that it was co-operating with the Justice Department’s investigation.

A JPMorgan spokeswoman declined to comment. An attorney for Mr. Trunz could not be immediately identified.

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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
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