- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-12-12T18:15:00
A former JPMorgan Chase and Credit Suisse precious metals trader was convicted of fraud Friday, wrapping up a long-running Department of Justice (DOJ) investigation into the manipulation of the precious metals markets from 2008-16.
Christopher Jordan, a former executive director and trader on JPMorgan’s precious metals desk, was convicted of one count of wire fraud affecting a financial institution in U.S. District Court for the Northern District of Illinois, the DOJ announced in a press release. He faces up to 30 years in prison and will be sentenced at an unspecified date.
Between 2008-10, Jordan allegedly placed thousands of orders for gold and silvers futures on the Commodity Exchange (COMEX) that he intended to cancel, in an attempt to “drive prices in a direction more favorable to orders he intended to execute on the opposite side of the market,” the DOJ said. This deceptive trading practice is called “spoofing.” COMEX is operated by CME Group.
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Two former precious metals traders at JPMorgan Chase were sentenced after being convicted a year ago for fraud, attempted price manipulation, and spoofing.
Gregg Smith and Michael Nowak, former precious metals traders at JPMorgan Chase, were found guilty of fraud, attempted price manipulation, and spoofing as part of a near decade-long market manipulation scheme involving thousands of illegal trades.
James Vorley and Cedric Chanu, former precious metals traders at Deutsche Bank, were each sentenced to one year and one day in prison for their respective roles in a scheme to manipulate the precious metals markets with fraudulent trades.
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