JP Morgan Senior Traders and Supervisors Knew About Spoofing and Price Manipulation of Precious Metals Markets

What’s this? Another low level, nobody banker found guilty of manipulating the gold, silver, platinum and palladium markets!! Say it ain’t so!! I see that it’s a “former” banker so that makes it okay and is easier to deflect the crime from the kingpin. The real kick in the pants of the story being reported by CNBC is that “senior traders and supervisors of the firm” knew this was happening. Why are they not guilty as well and why isn’t Jamie Dimon, CEO, being held accountable for the actions of his staff?

Before too long even the most die hard denier is going to be overwhelmed with by the number of court cases finding bankers guilty of criminal spoofing or other forms of market manipulation.

• John Edmonds, 36, pleaded guilty to one count of commodities fraud and one count of conspiracy to commit wire fraud, price manipulation and spoofing.

• Edmonds, a 13-year J.P. Morgan veteran, said that he learned how to manipulate prices from more senior traders and that his supervisors at the firm knew of his actions.

An ex-J.P. Morgan Chase trader has admitted to manipulating the U.S. markets of an array of precious metals for about seven years — and he has implicated his supervisors at the bank.

John Edmonds, 36, pleaded guilty to one count of commodities fraud and one count each of conspiracy to commit wire fraud, price manipulation and spoofing, according to a Tuesday release from the U.S. Department of Justice. Edmonds spent 13 years at New York-based J.P. Morgan until leaving last year, according to his LinkedIn account.

As part of his plea, Edmonds said that from 2009 through 2015 he conspired with other J.P. Morgan traders to manipulate the prices of gold, silver, platinum and palladium futures contracts on exchanges run by the CME Group. He and others routinely placed orders that were quickly cancelled before the trades were executed, a price-distorting practice known as spoofing. Source / CNBC

I just want to see the real criminal bankers going to prison and being stripped of their wealth. The “C” level executives need to be found guilty along with their low, level traders, especially when the Senior Traders and Supervisors were in on this situation. This just proves that while President Trump is making great strides there is so much more that needs to be done.

Just like with most all important issues reported by corporate media the soft-selling of the situation is on full display.

Edmonds pleaded guilty under a charging document known as an “information.” Prosecutors routinely use them to charge defendants who have agreed to cooperate with an ongoing investigation of other people or entities. He faces up to 30 years in prison but is likely to receive less time than that. Edmonds’ sentencing is scheduled for Dec. 19. The guilty plea was entered under seal Oct. 9 and unsealed on Tuesday.

New York-based J.P. Morgan declined to comment on the case through a spokesman. It was reported earlier by the Financial Times.

J.P. Morgan learned about this case only recently, according to a person with knowledge of the matter. A recent regulatory filing from the bank didn’t make any mention of the issue. Source / CNBC

This is a major, felony crime and the corporate media is doing it’s best to protect the higher level executives and even going so far as to downplay the role of the criminal that actually committed the crimes.