JP Morgan gold trading boss & former LBMA Board member found guilty by US jury

In a major embarrassment for banking giant JP Morgan and the London Bullion Market Association (LBMA), a federal jury in a US criminal trial has convicted Michael Nowak, global head of JP Morgan’s precious metals trading and former LBMA board member, on 13 counts of attempted price manipulation, commodities fraud, wire fraud, and spoofing prices in the gold, silver, platinum and palladium futures markets.

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