JP Morgan Executive Director Justin Trunz precious metals trader pleads guilty to conspiracy & agrees to cooperate in case for spoofing thousands of orders for gold, platinum & paladium from 2007-2016.
Were they rigging prices with fake bids or laundering? #ButNothingsHappening
Trunz started spoofing trades when he was a 22 year old junior trader. Learning from senior traders & conducting illegal spoofed trades with the knowledge of his supervisors. He is cooperating with the FBI & the Commodity Futures Trading Commission.
It looks like Trunz worked for JP Morgan all the way up to the DOJ announcing his resignation when they announced his guilty plea. I wonder how long he continued to work at @jpmorgan while cooperating with the DOJ?
This is gigantic!
JPMorgan has been in the crosshairs since Swiss Bank UBS flipped on the rest in 2015 as part of a currency trading rigging scheme in London, Trunz also worked in London.
I am wondering if the money laundering between Deutsche Bank & JPMorgan among others was being conducted through spoof trades, pay someone for a large pile of gold with a deal that is never completed but the money changed hands....
Merrill Lynch & their parent company Bank of America paid $25M & agreed to flip in June to very similar charges between 2008-2014. They were spoofing trades to rig supply & demand estimates to move the market prices of commodities.
Several of the Merrill Lynch defendants are pending trial in federal courts from Northern District of Illinois, so it ties into Chicago too...
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