Former JPMorgan Chase gold and silver trader Christopher Jordan used a technique known as “spoofing” to gain an edge against high-speed computer algorithms because at the time, there were no rules against it, his lawyer told a federal court jury in Chicago.
The prosecutions are part of a long crackdown on market manipulation since the 2008 financial crisis. JPMorgan, the largest US bank, agreed to pay $920min 2020 to settle US justice department spoofing allegations. It was by far the biggest fine by any financial institution. Sullivan told jurors they’ll see records of trades Jordan made and chats in which he discussed how they were placed.
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