The Justice Department said employees stationed on desks in New York, London and Singapore engaged in an unlawful schemes to trade gold, silver, platinum, and palladium futures contracts, scooping up orders with the intention of canceling them before they were executed.
“The conduct of the individuals referenced in today’s resolutions is unacceptable and they are no longer with the firm,” Daniel Pinto, co-president of JPMorgan, said in a statement.
The manipulations in metals markets — which began around 2008 and lasted into 2016 — involved ten former traders, according to a deferred prosecution agreement signed by Stacey Friedman, the banking giant’s top lawyer.
Five former JPMorgan employees also participated in thousands of instances of illegal trading in Treasury markets, the agreement said.