Ex-JPMorgan Traders Ask for No Prison Time in Spoofing Case (1)

JPMorgan Chase & Co.’s former precious-metals desk head and his top gold trader asked to be spared prison sentences for spoofing.

Desk head Michael Nowak and trader Gregg Smith were both convicted in August of market manipulation by a federal jury in Chicago. Prosecutors last month recommended that Nowak be given five years in prison and Smith, six years.

Witnesses at trial described how Smith and Nowak engaged in spoofing by using huge buy and sell orders that they never intended to execute. The orders, which they quickly canceled, were intended to push prices in the direction they wanted ...