Feds Go After JP Morgan Chase for Silver Market Manipulation

The New York Post is reporting:

Federal agents have launched parallel criminal and civil probes of JPMorgan Chase and its trading activity in the precious metals market, The Post has learned.

The probes are centering on whether or not JPMorgan, a top derivatives holder in precious metals, acted improperly to depress the price of silver, sources said.

The Commodities Futures Trade Commission is looking into civil charges, and the Department of Justice's Antitrust Division is handling the criminal probe, according to sources, who did not wish to be identified due to the sensitive nature of the information.

The probes are far-ranging, with federal officials looking into JPMorgan's precious metals trades on the London Bullion Market Association's (LBMA) exchange, which is a physical delivery market, and the New York Mercantile Exchange (Nymex) for future paper derivative trades.

You might recall Midtowng detailed JP Morgan Chase's silver market manipulations last month in this post, The Biggest Fraud You Haven't Heard Of.

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A surprising development

When I wrote about the silver market manipulations I had almost no hope that the regulators would follow up on it.
Perhaps the corruption of the situation is so obvious that they were forced to make an effort, if only to keep giving the false impression that there is some justification of their existence.

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one never knows

but piping up on outrageous ripoffs of working America, who knows, maybe you influenced something.

I do see the web stats and I am very surprised who reads EP sometimes.

I wish we would get more comments going. Maybe this "big kahuna" upgrade, which to me is an improvement in tracking comments and writing them, will help.

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