Following the charging of several individuals earlier this year (see here) an additional trader, formerly of JP Morgan Chase and Co, has been charged with market manipulation in precious metals futures on Comex and Nymex over a period ranging from 2008 to 2016. The notice from the Department of Justice can be found here. The notice alleges that the trader and his colleagues engaged in “widespread spoofing, market manipulation and fraud while working on the precious metals desk”. The next hearing is in early December. This article on the Reuters web site also provides commentary.
The charge is the latest in a line of anti abuse activity relating to spoofing. This article on the Government Contracts and Investigations blog looks at recent activity and its implications.