Chicago—two former precious metals traders J. P. Morgan Chase & Co and a colleague who handled hedge-fund clients are facing trial starting Friday in the climax of a seven-year Justice Department campaign. To punish alleged market manipulation,
criminal trial in chicago It is the third in two years to focus on a style of deceptive trading known as spoofing. Prosecutors have alleged that former members of JPMorgan’s precious metals desk regularly sent orders that they intended to cancel quickly to manipulate the price of gold and silver futures contracts, which cost the bank eight Big profits over the years.