An “exhaustive” investigation of the silver market by the US Commodities Futures Trading Commission managed to miss serial acts of price manipulation in the gold, silver, platinum, and palladium futures contracts markets. John Edmonds, 36, of Brooklyn, a former JPMorgan precious-metals major bullion trader, admitted he engaged in a six-year ‘spoofing’ scheme from 2009 to 2015 that involved placing orders for precious metals futures contracts with the intent to cancel those orders before execution in order to manipulate prices. He recently plead guilty to commodities fraud, conspiracy to commit wire fraud, commodity price manipulation and spoofing and faces up to 30 years in prison, but is expected to get a lighter sentence. He said that he learned this practice from more senior traders and that his supervisors at the firm knew of his actions.
John Edmonds, 36, pleaded guilty to one count of commodities fraud and one count of conspiracy to commit wire fraud, price manipulation and spoofing.
Edmonds, a 13-year J.P. Morgan veteran, said that he learned how to manipulate prices from more senior traders and that his supervisors at the firm knew of his actions.
John Edmonds, 36, pleaded guilty to one count of commodities fraud and one count each of conspiracy to commit wire fraud, price manipulation and spoofing, according to a Tuesday release from the U.S. Department of Justice. Edmonds spent 13 years at New York-based J.P. Morgan until leaving last year, according to his LinkedIn account.
As part of his plea, Edmonds said that from 2009 through 2015 he conspired with other J.P. Morgan traders to manipulate the prices of gold, silver, platinum and palladium futures contracts on exchanges run by the CME Group. He and others routinely placed orders that were quickly cancelled before the trades were executed, a price-distorting practice known as spoofing.
“For years, John Edmonds engaged in a sophisticated scheme to manipulate the market for precious metals futures contracts for his own gain by placing orders that were never intended to be executed,” Assistant Attorney General Brian Benczkowski said in the release.
Of note for J.P. Morgan, the world’s biggest investment bank by revenue: Edmonds, a relatively junior employee with the title of vice president, said that he learned this practice from more senior traders and that his supervisors at the firm knew of his actions.
Democrat Speaker of the House Nancy Pelosi said she is canceling President Trump’s State-of-the-Union address until the government is reopened. Trump countered by denying military air transportation for her public-relations trip to Brussels and Afghanistan, leaving her only the option of flying commercial.
Olivier Beziade, a fireman who joined France’s Yellow Vest protest movement, is in critical condition after being shot in the head, from behind, by a police officer using a flash-ball gun. An officer can be seen throwing a stun grenade towards the fireman as the shot was fired.
Brian Kilmeade, a pro-war neocon, argues for US troops to remain in Syria to ‘stop the next 9/11 attack’. Meanwhile, Senator Rand Paul points out that 99% of ISIS has been eradicated and that Syria should be able to finish the job. He says the US has been in Afghanistan for 17 years, and Islam needs to police Islam.
The Center of Immigration Studies also is suing SPLC President Richard Cohen and Heidi Beirich, who runs the group’s so-called Hatewatch blog. The CIS asserts it does not meet the SPLC’sown definition of a hate group. CIS says the SPLC’s true agenda is to stifle debate on important issues and to silence opposition to the leftist agenda.
Americans have low fertility rates and little incentive to have children while immigrants are subsidized by welfare to have many children. The American system is deliberately being overwhelmed in order to cause it to crash. Out of the rubble, the plan is to build a totalitarian regime which most people will think is there to help them.
During a live radio show, Areva Martin, a black female legal analyst for CNN, accused John Webb, host of the ‘Patriot’ radio show of being out of touch due to his “white privilege”. Webb then informed her he is a black male and scolded her for basing her opinions of false assumptions.
The Prime Minister’s Brexit deal was crushed by a historic margin of 202 in favor to 432 against. This is the worst-ever defeat in the House of Parliament. Theresa May barely survived a no-confidence vote in parliament on the next day.
A recent poll found that 59% of registered voters in America agree with Alexandria Ocasio-Cortez’ plan to increase taxes as income rises to as much as 70%. Many voters apparently believe that wealth inequality is inherently evil and should be prevented by taxes.
When deaths from overdosing on OxyContin could no longer to be ignored, Sackler devised a corporate strategy to blame the victims for misusing their unethical products. Doctors were told that signs of addiction were ‘pseudoaddiction’ and should be treated by prescribing more of the drug.
Nancy Pelosi, who has refused to fund the US-Mexico border wall, refused to meet with the Angel Moms as her staff said she was not there. However, Pelosi was reported to be hiding behind the wall in her office as someone who had an appointment was escorted into her office.
Some critics have argued that the definitions of cyberbullying are not as clear cut as they may sound and that clever attorneys could interpret them in such a way as to violate the First Amendment or to imprison someone for merely hurting others’ feelings.
Does anyone else notice the smell of corruption in this? Isn’t it obvious that the system must eventually self destruct and pull down the nation with it? Does anyone even care?
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