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
