JPMorgan’s Metals Desk Was a Criminal Enterprise, U.S. Says
By Tom Schoenberg
and David Voreacos
17 September 2019, 02:25 GMT+10Updated on 17 September 2019, 03:47 GMT+10
U.S. invokes racketeering law in charging three metals traders
RICO statute is rarely used in cases involving big banks
U.S. prosecutors took an unusually aggressive turn in their investigation of price fixing at JPMorgan Chase & Co., describing its precious metals trading desk as a criminal enterprise operating inside the bank for nearly a decade.
The prosecutors charged the head of JPMorgan’s global precious metals trading operation and two others on Monday, accusing them of “conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity.”
GXY Price at posting:
$1.17 Sentiment: Buy Disclosure: Held
