Former JPMorgan Trader Christopher Jordan's Fraud Case

According to court records and evidence given at trial, Christopher Jordan worked as an executive director and trader on JPMorgan's New York precious metals desk from 2006 to 2009, then on Credit Suisse's New York precious metals desk in 2010.

Between 2008 and 2010, Jordan executed thousands of spoof orders or ones that he planned to cancel before execution, in order to move prices in the direction of orders he meant to execute on the other side of the market. Jordan used this misleading spoofing approach when trading gold and silver futures contracts on the Commodity Market (COMEX), a CME Group commodities exchange. These fraudulent orders were designed to flood the markets with false and misleading information regarding the actual supply and demand for gold and silver futures contracts.

Jordan was found guilty of wire fraud against a financial institution. He will be punished at a later date and faces a maximum term of 30 years in jail. A federal district court judge will impose a sentence based on the United States Sentencing Guidelines and other statutory circumstances.

In prior trials, four other former JPMorgan precious metals dealers were convicted. Gregg Smith and Michael Nowak were convicted of wire fraud affecting a financial institution, commodities fraud, attempted price manipulation, and spoofing following a trial in the Northern District of Illinois in August 2022.

In the District of Connecticut, John Edmonds pled guilty in October 2018 to one count of commodities fraud and one count of conspiracy to conduct wire fraud, commodities fraud, price manipulation, and spoofing.

Christian Trunz pled guilty in the Eastern District of New York in August 2019 to one count of conspiracy to engage in spoofing and one count of spoofing. Smith, Nowak, Edmonds, and Trunz have all been sentenced.

JPMorgan is guilty of wire fraud in September 2020 in connection with (1) illegal trading in precious metals futures contracts and (2) illegal trading in U.S. Treasury futures contracts and the secondary (cash) market for U.S. Treasury notes and bonds. JPMorgan agreed to a three-year deferred prosecution agreement in which it paid more than $920 million in criminal monetary penalties, criminal disgorgement, and victim compensation, with the Commodity Futures Trading Commission and the Securities and Exchange Commission issuing parallel resolutions on the same day.

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