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JP Morgan’s Most Prolific Spoofer Sentenced to Two Years in Prison
Excerpt: Gregg Smith was sentenced Tuesday in Chicago by US District Judge Edmond Chang. Smith, who was convicted last year along with Michael Nowak, the bank’s precious-metals desk head, was described by an assistant US attorney as “the most prolific spoofer that the government has prosecuted to date.”
The judge said Smith and Nowak clearly knew what they were doing was wrong. “You told many lies to the market,” Chang said. “For many years, you injected fraud into the market.” He ordered Smith to start his sentence on Jan. 15.
The JPMorgan case is part of a crackdown by federal prosecutors on illegal spoofing, where traders place bogus orders to move prices up or down and then quickly cancel them before they can be executed. Smith and Nowak used the technique to manipulate gold and silver prices from 2008 to 2016.
Courts allow few months delays if there are issues with kids, pregnancy, health, sometimes pending appeal, etc.
In famous cases, there were delays in prison terms in the cases of (i) Elizabeth Holmes, (ii) Jesse Jr & Sandi Jackson, who were allowed to be in prison one after another, etc.
What I often wonder is whether “spoofing” by the likes of JP Morgan, Goldman, Wells, etc. may also occur in the form of the “free” investment advice so generously served up in print or on Bubblevision? … You know - “Buy this”, “Sell that”, “All in,” “All out,” Duck & run” … etc.)
Well, he did not do anal or 3-ways as a teen, but he did say ridiculously gross and ambiguous things as a lying prep (in my own prep school we all knew we were going to be in the college class of '69, woohoo), and then he continued to lie about them, and much more, afterward and later.
Amazing to me is that he appears to have turned out to be not a totally totally horrible pig of a judge.
Comments
In famous cases, there were delays in prison terms in the cases of (i) Elizabeth Holmes, (ii) Jesse Jr & Sandi Jackson, who were allowed to be in prison one after another, etc.
Don't know the specifics for the OP case.
Amazing to me is that he appears to have turned out to be not a totally totally horrible pig of a judge.