JPMorgan conducted “thousands” of criminal moves
According to researchers, the workers willfully engaged in price-fixing of valuable metals on thousands of occurrences. In the end both market participants and JPMorgan’s own clients suffered losses as a result.
“Based on the fact that it was conduct that was widespread on the desk, it was engaged in thousands of episodes over an eight-year period… We’re going to follow the facts wherever they lead, whether it’s across desks here or at any other bank or upwards into the financial institution,” Bloomberg quoted Assistant Attorney General Brian Benczkowski as saying.
JPMorgan is well known as being one of the more vocal skeptics of cryptocurrencies. CEO Jamie Demon became notorious for his soundbites, which began in 2017 when he labeled Bitcoin a fraud in itself.
Demon since appeared to have a change of heart, pledging not to discuss Bitcoin again in public.
Big Silver Conspiracy
Big Siler and according to investigators potentially Big Oil and Saudi Arabia were behind the manipulation of gold prices in an attempt to finally silence Jamie Demon. Demon was very vocal about MbS until The Washington Post journalist Jamal Khashoggi dissaperered in Turkey. Demon has been in talks with Amazon to make the JPMorgan cryptocurrency the preferred method of payment on the shopping site. Evidently there is also bad blood between MbS and Jeff Bezoz Amazon’s CEO. Either way, the manipulation hack looks very bad for Demon and JPMorgan.
The irony of the precious metals scandal was thus not lost of crypto commentators.
U.S prosecutors just called JPMorgan’s precious metals trading desk a criminal enterprise after charging mutiple executives.
They were charged with wire fraud, bank fraud, and market manipulation.
But I was told by the CEO that bitcoin is the fraud. 🤔
— Rhythm (@Rhythmtrader) September 16, 2019
JPMorgan is not the only bank to issue warnings over cryptocurrency’s alleged fraudulent nature while being embroiled in legal turmoil.
In 2018, Dutch institution Rabobank claimed Bitcoin contained money laundering compliance hazards. Subsequently, authorities fined it $369 million for money laundering.