WASHINGTON, Nov. 6 -- A former trader at a U.S. bank has pleaded guilty to fraud and spoofing for about seven years, the U.S. Department of Justice (DOJ) said on Tuesday.
John Edmonds, 36, of Brooklyn, New York, pleaded guilty to one count of commodities fraud and one count of conspiracy to commit wire fraud, commodities fraud, commodities price manipulation, and spoofing, said the DOJ.
According to the DOJ, Edmonds admitted that he conspired with other traders at a U.S. bank to manipulate the markets for multiple types of precious metals futures contracts from approximately 2009 to 2017.
Although the DOJ document did not bring up the exact name of the bank, several U.S. media reported that Edmonds worked at the famous U.S. investment bank J.P. Morgan from 2004 to 2017 according to his LinkedIn account.
The DOJ said that Edmonds and his fellow traders "routinely placed orders for precious metals futures contracts" with the intent to cancel those orders before execution.
Such practices, as known as "the Spoof Orders", were designed to distort the price of precious metals futures contracts in order to benefit the manipulator, said the DOJ.
"For years, John Edmonds engaged in a sophisticated scheme to manipulate the market for precious metals futures contracts for his own gain by placing orders that were never intended to be executed," said Brian A. Benczkowski, assistant attorney general of the Justice Department's Criminal Division.
"By conspiring with his trading partners to place spoof orders, he blatantly attempted to profit off of an unfair market that he helped create," said William F. Sweeney Jr., assistant director in charge of the FBI's New York Field Office.
Moreover, the DOJ said that Edmonds learned the manipulation strategy from "senior traders at the bank," and he deployed this strategy "hundreds of times with the knowledge and consent of his immediate supervisors."
The investigation of deceptive trading practices by others involved in this scheme is ongoing, said U.S. Attorney John H. Durham of the District of Connecticut.
体坛英语资讯:Berlins Weiser to join Bayer Leverkusen
体坛英语资讯:Australias Chloe Esposito wins gold at Modern Pentathlon World Cup
国际英语资讯:Sounds of explosions and air defenses heard in Damascus
国内英语资讯:China Focus: After the quake: 10 years on volunteerism thrives
普京第四次宣誓就任俄罗斯总统
Sports Meeting 校运会
奥斯卡将考斯比和波兰斯基除名
体坛英语资讯:Neymar returning to Paris to finalize recovery
国内英语资讯:Chinese premier arrives in Tokyo for official visit, China-Japan-ROK leaders meeting
体坛英语资讯:Tianjin Teda smash Guizhou Hengfeng 5-1 in CSL
国际英语资讯:Syrian air defenses respond to Israeli missile attack
国内英语资讯:Xi Jinping, Kim Jong Un hold talks in Dalian
International Labor Day 国际劳动节
资讯自由团体呼吁关注美国媒体面临的威胁
国际货币基金组织批评委内瑞拉
体坛英语资讯:West Brom relegated from English Premier League
国际英语资讯:Trump announces U.S. exit from Iran nuclear deal, triggering outcry
一眼识人,如何看清人的本性
国内英语资讯:China launches new Earth observation satellite for environmental monitoring
国际英语资讯:Roundup: Syrian army advances in IS stronghold in southern Damascus
体坛英语资讯:Dalian Yifang stunned Guangzhou Evergrande 3-0 in CSL
Love 以爱为主题的作文
Youth Day 青年节
体坛英语资讯:Chinas Ding crashes out at snooker worlds quarterfinals
体坛英语资讯:Lewandowski a future threat to Bayerns team balance, say veteran players
国内英语资讯:Senior officials of China, Myanmar meet on law-enforcement cooperation
Beautiful Campus 美丽的校园
2018年06月英语四级作文范文:怎样求职
美国因日本船运公司在大西洋排废对其罚款100万美元
国际英语资讯:Israeli army: Iranian forces fire 20 rockets at Israel
不限 |
英语教案 |
英语课件 |
英语试题 |
不限 |
不限 |
上册 |
下册 |
不限 |