Banksters Finally Hit with Racketeering Charges– Better Late Than Never!
Nowak is one of three former JPMorgan traders recently indicted. Nowak’s attorney is David Meister. Meister led the CFTC’s enforcement division during its failed 5-year investigation of price rigging. He and his team managed somehow to overlook what we now know to be a massive criminal “enterprise” at the banks.
JPMorgan Chase and other bullion banks spent most of a decade screwing clients and investors who were naive enough to expect a fair shake in the precious metals futures markets. It was a solid racket. Yet claims of price rigging were simply dismissed by financial journalists and regulators as conspiracy theory. The banks’ defenders were bolstered by a 5-year-long investigation by the compromised Commodity Futures Trading Commission (CFTC) which ended without a single banker being prosecuted.
Despite CFTC assurances to the contrary, there are, in fact, plenty of bankers to prosecute.
The Justice Department has since secured guilty pleas from several traders working at Bank of America, JPMorgan Chase and elsewhere. Three more bankers were indicted in the past couple of weeks. And it appears investigators are a long way from done.
Bloomberg reported last week that prosecutors consider the trading operations at JPMorgan as a “conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity.”That language is purposely intended to evoke RICO, or Racketeer Influenced and Corrupt Organization, laws.
Could JPMorgan Chase Be Hit with a Fourth Felony for Rigging Precious Metals Markets? June 12, 2019
In one specific example involving the multifaceted silver manipulation ongoing in the financial markets, a former longtime JP Morgan trader admitted to the following…
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