Fraud! - JP Morgan Managing Director & LBMA Board Member Indicted for Rigging Precious Metals Markets
Imagine a fraud so big almost no one can grasp it.
Selling papper Gold and Silver to suppress the price of the world Preious Metal Markets, while buying Physical Gold and Silver for next to nothing.
Will Precious Metals Correct Back To Fair market Value?
What Is Fair Market Value?
As you’ll see in the videos below, fair Market Value may be much higher than today’s Prices. Much, Much Higher.
I found this information over at bullionstar.com – Michael Nowak, JP Morgan Chase managing director and head of the bank’s global precious metals desk, who is also a Board member of the London Bullion Market Association (LBMA), has just been indicted and charged by the US Department of Justice (DoJ) with manipulating the prices of precious metals-futures contracts over an 8 year period.
Racketeering Conspiracy and other Federal Crimes
In the indictment unsealed 16 September 2019, the DoJ charged LBMA Board member and JP Morgan managing director Nowak, along with JP Morgan precious metals trader Gregg Smith and former JP Morgan precious metals trader Christopher Jordan for:
“alleged participation in a racketeering conspiracy and other federal crimes in connection with the manipulation of the markets for precious metals futures contracts, which spanned over eight years and involved thousands of unlawful trading sequences.”
Commenting on the case, Department of Justice Assistant Attorney General Brian A. Benczkowski stated that:
“The defendants and others allegedly engaged in a massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants.”
“These charges should leave no doubt that the Department is committed to prosecuting those who undermine the investing public’s trust in the integrity of our commodities markets.”
FBI Assistant Director in Charge William F. Sweeney Jr. of the FBI’s New York Field Office commented that:
“Smith, Nowak, Jordan, and their co-conspirators allegedly engaged in a complex scheme to trade precious metals in a way that negatively affected the natural balance of supply-and-demand.”
“Not only did their alleged behavior affect the markets for precious metals, but also correlated markets and the clients of the bank they represented.
Is this going to be another dog and pony show that just goes away?
Or is this is how they take the heat off the big bank and isolate it to a few individuals who work there. The Fall Guys!!
Stay Tuned, I’ll be following this as it progresses.
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