It is about time, something most of us knew for a long time. These manipulators should go to jail. It is useless fining them for fractions of the illegal profits they made.
Ten years of manipulation and it was probably longer, thousands of corrupt trades. As a investor in PM markets, it makes me puke and the same time angry
Here is a few chunks of the article found here
www.mining.com/web/jpmorgans-metals-desk...l-enterprise-us-says
U.S. prosecutors took an unusually aggressive turn in their investigation of price fixing at JPMorgan Chase & Co., describing its precious metals trading desk as a criminal enterprise operating inside the bank for nearly a decade.
The prosecutors charged the head of JPMorgan’s global metals trading operation and two others on Monday, accusing them of “conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity” — counts more commonly known as RICO charges.
The RICO language, rarely used in big bank cases, suggests that JPMorgan may face deeper legal jeopardy that goes beyond the several individuals who have already been prosecuted.
“Based on the fact that it was conduct that was widespread on the desk, it was engaged in in thousands of episodes over an eight-year period — that it is precisely the kind of conduct that the RICO statute is meant to punish,” Assistant Attorney General Brian Benczkowski told reporters.