I’m sure Jamie had no idea. Another conspiracy theory validated.
- John Edmonds, 36, pleaded guilty to one count of commodities fraud and one count of conspiracy to commit wire fraud, price manipulation and spoofing.
- Edmonds, a 13-year J.P. Morgan veteran, said that he learned how to manipulate prices from more senior traders and that his supervisors at the firm knew of his actions.
An ex-J.P. Morgan Chase trader has admitted to manipulating the U.S. markets of an array of precious metals for about seven years — and he has implicated his supervisors at the bank.
John Edmonds, 36, pleaded guilty to one count of commodities fraud and one count each of conspiracy to commit wire fraud, price manipulation and spoofing, according to a Tuesday release from the U.S. Department of Justice. Edmonds spent 13 years at New York-based J.P. Morgan until leaving last year, according to his LinkedIn account.
As part of his plea, Edmonds said that from 2009 through 2015 he conspired with other J.P. Morgan traders to manipulate the prices of gold, silver, platinum and palladium futures contracts on exchanges run by the CME Group. He and others routinely placed orders that were quickly cancelled before the trades were executed, a price-distorting practice known as spoofing.
“For years, John Edmonds engaged in a sophisticated scheme to manipulate the market for precious metals futures contracts for his own gain by placing orders that were never intended to be executed,” Assistant Attorney General Brian Benczkowski said in the release.
Of note for J.P. Morgan, the world’s biggest investment bank by revenue: Edmonds, a relatively junior employee with the title of vice president, said that he learned this practice from more senior traders and that his supervisors at the firm knew of his actions.
Edmonds pleaded guilty under a charging document known as an “information.” Prosecutors routinely use them to charge defendants who have agreed to cooperate with an ongoing investigation of other people or entities.
His sentencing is scheduled for Dec. 19. Edmonds faces up to 30 years in prison but is likely to receive less time than that. The guilty plea was entered under seal Oct. 9 and unsealed on Tuesday.
New York-based J.P. Morgan declined to comment on the case through a spokesman. It was reported earlier by the Financial Times.
J.P. Morgan learned about this case only recently, according to a person with knowledge of the matter. A recent regulatory filing from the bank didn’t make any mention of the issue.
So all who hold precious metals will receive restitution??
Eventually…
Sure. An ambulance chaser will file a class action. Everyone who was hosed will get a check for 87 cents and the law firm will get 100 million. The banks will be fined a couple of billion. The victims of the crime get let down, screwed blued and tattooed. The lawyers get rich and the government collects a windfall to waste. AAaand the banks and brokerages who did all the fuqueing get to keep the billions they made after paying the fines which will somehow at some point be accounted as an expense.
Ever see the Most Interesting Man In The World as Sgt. Oleonowski in “Go Tell the Spartans?” Rated by real Special Forces troops from Vietnam as the best Vietnam War movie. Pretty darn good.
That is a great movie!
This is stunning news. Who among us would have guessed that such hi-jinx were possible, let alone occurring?
Sarcasm? Because the entire “paper gold” market is a complete and total sham that is being used as a means of artificially manipulating the physical gold market price. Silver as well, and probably all of the precious metals.
“No One Would Listen?” This shit was reported to that golden boy surfer looking fuque at the CFTC Bart Chilton a bazillion times. Just like Harry and Madoff, ten years or more later, there it is.
Bill Murphy has led the fight against gold market, and other precious metals market manipulation since 1999. GATA Gold Anti-Trust Action Committee (GATA).
lemetropolecafe.com
All commodities markets.
Tens of thousands of silver stackers will send Comex to hell cos unlike the Hunts they don’t buy on margin and take on debt to pay for their silver – hence no forced selling. Keep stacking motherfuckers!
Jump You Fuckers : Jamie does a $47K lunch for six and his company had to be bailed out by us and our great grand children yet unborn and this shit was routinely taking place in his shop . Doesn’t the headman have to accept responsibility especially when he profits from the shenanigans .
Maybe one of those sealed indictments we hear about has his name on it?
JP Morgan Chase net income last year was over 24.4 BILLION dollars. And yet for over a couple months they cannot settle my trip cancellation claim on my chase credit card for slightly over $1000. First time I used this “free” benefit on my credit card and I get bent over.
All I can say is he had some good teachers because this hump wasn’t even born when the COMEX cornholed the Hunt brothers in 1980. They had essentially cornered the silver market driving the price to $50 an ounce when the COMEX changed the rules in the middle of the game and forced them to liquidate their position at a substantial loss. Fuck Wall Street. And FWIW, those of you holding pension promises today….forget about it. You’re going to get effed just like the Hunts. Count on it.
If your pension is in a bank or brokerage that trade their own account, please be aware that your “deposit” under bail-in is considered an “investment” in that bank or brokerage. It can go pfffft just like a penny stock.
Comex cannot shaft tens of thousands of silver stackers slowly draining the Comex of physical. We are all little Hunts that Comex can do fuck all about. Spread the word.
Bastards!
I’m totally shocked by this news. Thank god nobody manipulates the equities markets this way.
See? You get it.
So Comex shafted the Hunt bros, but fuck Comex – tell everyone you know to just stack silver and that their paper pension promises will be reneged on. If we all tell just 10 people that silver is dirt cheap, that paper is worth paper, we are all tens of thousands of little Hunts making up big Hunt – drain the physial markets – bankrupt Comex cunts – let ’em suffer – give ’em grief.
Aaaaaand if you’re not buying Silver hand over fist I’m wondering “what are you thinking”. It has been suppressed for years. This incredibly valuable monetary and industrial resource is disappearing. There is not another investment that is more primed to explode in value. Do yourself a favor, watch the below video (and all of the Silver Shield / Truth Never told videos by Chris Duane) and get to stacking !!!
https://www.youtube.com/watch?v=I1xx9g9UWhQ
Trying to break COMEX or any of “their” organized theft machines will do no good. Just buy the stuff when you have the resources to do so.
These exchanges all trade supposedly in metal. From time to time you will be able to take delivery but they also throw roadblocks like insisting an armored car company picks it up and the drivers are licensed and then they check their drivers license and firearms permit and then maybe they decide their insurance documents are not up to their standards, on and on. Just ignore their scam and buy it from somebody who wants to sell it.
If there is a true SHTF situation and they cannot deliver, all these contracts say very openly they can just pay you off in cash in a force majeure.
When the TSFHTF (The Shit Finally Hits The Fan) all the giant lolly pops holding paper precious metals will find out there are no more chairs left in the paper game of musical chairs they have been sucked into.
There will be wailing and gnashing of teeth…and no PMs for the suckers.
Steve is right!