JP Morgan Associated with Another Crime Involving Precious Metals Trading
JP Morgan Associated with Another Crime Involving Precious Metals Trading by Rory for The Daily Coin
Is The DoJ Moving Closer to Fulfilling RICO Requirements?
While the author of a recent Reuters report deserves credit for mentioning “racketeering conspiracy” they are careful not to use RICO as a descriptor.
Some lawyers also argue it is aggressive to charge bank executives with a racketeering conspiracy, which is usually associated with organized crime. Source
Another day another crime by one of the too-big-to-jail banks and their mafia minions. After citizen journalist and alternative media discussing the potential of these institutions being mafia organizations it appears the Trump Administration agrees with our assessment by actually discussing RICO charges being brought against JP Morgan / Chase.
We pray this happens and we pray this gets into a court of law and proceeds to the “discovery phase” of the criminal activity. If this happens the rats best be prepared to abandon ship, hide their wealth and be ready for public outrage as the potential for decades long crimes to be uncovered, interlaced with other too-big-to-jail banks becomes very real.
The Department of Justice has charged another former JPMorgan Chase & Co executive with alleged racketeering and manipulating precious metals prices between 2008 and 2016, the latest in a string of similar prosecutions.
The indictment against Jeffrey Ruffo, who is also charged with other federal crimes including conspiracy to commit wire fraud, is the result of an “ongoing investigation”, federal prosecutors said in a statement.
Ruffo is the sixth person to be charged with alleged fraud in connection to JPMorgan’s precious metals desk.
The case relates to spoofing, which involves placing bids to buy or offers to sell contracts with the intent to cancel them before execution, allowing spoofers to influence prices. In recent years there has a been a surge in spoofing related prosecutions in the United States by the Department of Justice and the Commodity Futures Trading Commission.
Ruffo could not immediately be reached for comment.
A JPMorgan spokesman did not immediately respond to a request for a comment. The U.S. bank has said in recent regulatory filings that it is cooperating with various investigations relating to its metals trading practices.
According to the indictment, Ruffo worked at JPMorgan from 2008 to 2017 as a salesperson serving hedge funds investing in precious metals and he encouraged JPMorgan traders to place deceptive orders to create price advantages for his clients.
The indictment also alleged that Ruffo and his former colleagues defrauded JPMorgan’s clients who had invested in “barrier options” by pushing option prices to levels that benefited the bank.
An option is a financial instrument that gives buyers the right to buy or sell an underlying asset at an agreed price and at a fixed time. Its value is tied to the value of the asset. Source
Number six bites the dust and we can only hope there will be more to come. Our hope is the low-hanging-fruit runs out soon and the prosecutors begin moving to up the ladder to capture the real criminals. It would be a great day for our country to see these crimes actually prosecuted and these mafia organizations scattered in the wind.