JPMorgan Traders Should Get Prison for Spoofing, US Says

  • Michael Nowak, Gregg Smith convicted at Chicago trial in 2022
  • Prosecutors said defendants spoofed gold markets for years

The former head of the JPMorgan Chase & Co. precious-metals business and his top gold trader should get multiyear prison terms after they were convicted of spoofing the market for years, the US government said in a court filing.

Michael Nowak, who ran the precious-metals desk, should get five years, and Gregg Smith, the top trader, should get six years, prosecutors said Tuesday in a sentencing memo to the federal judge in Chicago who presided over their trial. The recommendation was for longer terms than traders at other banks c