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Home Blockchain

JP Morgan has been “ripping off” Gold and Silver Markets for Years

by Dalmas Ngetich
Jul 13, 2022 - 12:00 am
in Blockchain
JP Morgan has been "ripping off" Gold and Silver Markets for Years

On the 11th of July, Rob Kientz, a financial analyst called out JP Morgan for ripping off the Gold and Silver markets. Kientz also added that three former employees of JP Morgan are on the firing line at the moment.

BREAKING: Jurors were told that #JPMorgan has been ripping off the gold and silver markets for years.

— Rob Kientz | Gold Silver Pros (@goldsilver_pros) July 11, 2022

The names of the three employees in question are; Michael Nowak, Gregg Smith, and Jeffrey Rufo. Michael is a veteran head in the precious metal department, Gregg is a gold trader and Jeffrey is a hedge fund sales expert. These employees are well acquitted of the company’s investment practices.

Michael, Jeffrey, and Gregg have been charged with price manipulation, wire fraud, commodities fraud, and spoofing. These illegal acts doctored by JP Morgan spanned from 2008 to 2016.

Further reports claim that JP Morgan has been short-selling silver since 2006. While Bart Clinton held an internal investigation three years later, the investment bank was not found guilty at the time.

How Recent Accusations Will Affect JP Morgan

It is yet to be seen if JP Morgan will be acquitted once again, or if justice will be served to the financial giant. JP Morgan was founded in 2000, and the investment bank has grown to be the largest in the United States. The institution has assets worth close to 4 trillion dollars, making it the fifth largest bank in the world by its asset valuation.

If found guilty, the financial institution risks paying huge fines that will affect its standing in the financial ecosystem. More so, the company’s stocks may be affected negatively.

In the early days of cryptocurrency, JP Morgan was widely known as a strong opponent of digital assets. The company’s CEO and other associates of the institution have publicly bashed Bitcoin and crypto on several occasions.

More recently though, the company seems to be coming to terms with cryptocurrencies. The company now offers investment funds to clients in six different cryptocurrencies, including Bitcoin.

Tags: CryptoJPMorgan
Dalmas Ngetich

Dalmas Ngetich

His primary focus is on technical analysis (crypto is, obviously, *not* crypto without the twirls of price action), the magic of DeFi, and NFTs. He is specifically training his eyes and effort on DeFi—and how the tech is changing investment, opening up opportunities for everyone—and the possibilities of NFTs.

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