Two former JPMorgan traders sentenced to prison for fraud

Two former JPMorgan Chase precious metals traders have been sentenced for fraud, attempted price manipulation, and spoofing. Gregg Smith was sentenced to two years in prison and a $50,000 fine, while Michael Nowak received one year and one day in prison and a $35,000 fine. The manipulation scheme lasted eight years and resulted in over $10 million in losses. Spoofing, the act of creating a false impression of high demand or supply, was outlawed in 2010. JPMorgan settled with the Justice Department and the Commodity Futures Trading Commission for over $920 million in 2020.