Two former JPMorgan traders sentenced to prison for fraud

[Collection]Two former JPMorgan Chase precious metals traders have been sentenced for fraud, attempted price manipulation, and spoofing. Gregg Smith was sentenced to two years in prison and a $50,000 fine, while Michael Nowak received one year and one day in prison and a $35,000 fine. The manipulation scheme lasted eight years and resulted in over $10 million in losses. Spoofing, the act of creating a false impression of high demand or supply, was outlawed in 2010. JPMorgan settled with the Justice Department and the Commodity Futures Trading Commission for over $920 million in 2020.