Wednesday, November 20, 2019

JP Morgan Charged With Criminal RICO Violations: Suppressing The Silver Market

Source: Political Vel Craft

by Volubrjotr • 19 Nov 2019


Another JPMorgan Chase & Co. official was charged in the U.S. probe of the bank's precious metals trading operation.

Jeffrey Ruffo, a former JPMorgan executive director on the metals desk in New York who specialized in hedge fund sales, was charged with fraud conspiracy and racketeering conspiracy, according to a superseding indictment made public Friday in federal court in Chicago.

The allegations are part of a broader investigation of market spoofing that has now resulted in charges against six bank employees. Indictments against Michael Nowak — JPMorgan's global head of precious metals trading — and Gregg Smith were made public in September and they have pleaded not guilty. Another defendant, Christopher Jordan, plans to plead not guilty, according to his lawyer. All three have been free on bond since their arrests.

Ruffo, 56, worked at the bank from about 2008 until August 2017, court records show. Prosecutors claim he worked with the other defendants to coordinate precious metals transactions to benefit big hedge fund clients, who were a key source of the bank's revenue.

In one instance in January 2012, when a hedge fund client wanted to sell 93,200 ounces of gold, Ruffo alerted JPMorgan traders who then placed deceptive orders to buy gold futures in an attempt to push prices higher, according to the indictment. Ruffo will be arraigned in Chicago on Dec. 5, court documents show.

"Mr. Ruffo, throughout his career, acted conscientiously and in good faith," his attorney, Guy Petrillo, said in an email. "He will vigorously contest these unfounded and regrettable charges."

We DID IT! $1,000 Silver Is HERE! 

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