Two former traders at Bank of America Corp.’s Merrill Lynch unit were each sentenced to a year and a day in prison Thursday for manipulating the precious-metals markets, the US Department of Justice said Thursday.
Edward Bases, 61, and John Pacilio, 59, used large “spoof” orders to push prices up and down for their own gain, the Justice Department said in a statement. They were convicted in Chicago in 2021 for illegally flooding the market with buy and sell orders they quickly canceled to move gold, silver or platinum prices in the direction they wanted from ...
