LBMA Board Member & JP Morgan Managing Director Charged with Rigging Precious Metals

Michael Nowak, JP Morgan Chase managing director and Board member of the London Bullion Market Association (LBMA) has just been charged by the US Department of Justice (DoJ) with manipulating the prices of precious metals-futures contracts over an 8 year period.

Nowak sits on the LBMA Board along with LBMA chairman Paul Fisher, LBMA CEO Ruth Crowell, and LBMA General Counsel Sakhila Mirza.

How does “widespread spoofing, market manipulation and fraud”, that the DoJ alleges was undertakne by Nowak, sit with the LBMA’s claim that the LBMA Global Precious Metals Code “promotes a fair effective and transparent market” for its members, including JP Morgan, “to uphold high standards of business conduct”? Continue reading…

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