The convictions are the capstone of a seven-year Justice Department campaign to punish a style of deceptive trading in futures markets known as spoofing. The rapid-fire strategy was prevalent at some Wall Street banks before Congress outlawed spoofing in 2010, and persisted even after its prohibition, according to prosecutors. JPMorgan paid $920m in 2020 to settle regulatory and criminal charges against the bank over the traders’ conduct.
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Ex-JPMorgan traders convicted in federal fraud trial
David Meister, a lawyer for Mr. Nowak, said, “While we are gratified that the jury acquitted Mr. Nowak of racketeering and conspiracy, we are extremely disappointed by the jury’s verdict on the whole, and will continue to seek to vindicate his rights in court.”
