Whistleblower accuses HSBC and JP Morgan of silver futures scam
Banking giants HSBC and JP Morgan have been accused of “intentionally and unlawfully” suppressing the price of silver futures traded on the Comex exchange in New York after an ex-employee of Goldman Sachs in London blew the whistle on the scheme.
This follows two suits filed at the end of October against both banking groups, one of which claimed the “defendants reaped hundreds of millions of dollars, if not billions of dollars in profits” from the conspiracy.
The ex-Goldman Sachs employee, a veteran of 40 years, reported the two banks activities to the US derivatives regulator, the Commodity Futures Trading Commission (CFTC), which has been conducting an investigation into the manipulation of the silver market.
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