Ex-JPMorgan Gold Traders Get Prison for ‘Prolific Spoofing’ (3)

The former head of JPMorgan Chase & Co.’s precious-metals desk and his top trader were sentenced to prison for spoofing, fraud and attempted market manipulation.

Michael Nowak, who ran gold and silver trading at the bank, and trader Gregg Smith were sentenced Tuesday in Chicago by US District Judge Edmond Chang. Nowak received a term of one year and one day while Smith was given two years, the stiffest sentence yet in a recent government crackdown on questionable trading practices.

Michael Nowak, center, arrives at federal court in Chicago on July 8, 2022.

Photographer: Cheney Orr/Bloomberg

Both men were convicted at a trial last year. Smith, 59, was described as “the most ...