REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies JPMorgan Chase & Co FollowWASHINGTON, Aug 22 (Reuters) - Two former precious metals traders at JPMorgan Chase (JPM.N) were sentenced on Tuesday for engaging in fraud, attempted price manipulation and spoofing, the U.S. Justice Department said in a statement.
Gregg Smith, 59, of Scarsdale, New York, was sentenced to two years in prison and a $50,000 fine while Michael Nowak, 49, of Montclair, New Jersey, was sentenced to one year and one day in prison and a $35,000 fine, the Justice Department said.
Last year, Smith and Nowak were found guilty of fraud and other charges but acquitted of racketeering and conspiracy in a trial.
Nowak was convicted on over a dozen charges including fraud, spoofing and attempted market manipulation, and Smith was convicted on 11 charges.
JPMorgan agreed in 2020 to pay more than $920 million and admitted to wrongdoing to settle with the Justice Department and the Commodity Futures Trading Commission over these and other traders' conduct.
Persons:
Andrew Kelly, Gregg Smith, Michael Nowak, Dodd, Frank, Smith, Nowak, Kanishka Singh, Andy Sullivan
Organizations:
United States Department of Justice, Washington , D.C, REUTERS, JPMorgan Chase, WASHINGTON, U.S . Justice Department, Justice Department, U.S, Congress, JPMorgan, Commodity Futures Trading Commission, Thomson
Locations:
Washington ,, Scarsdale , New York, Montclair , New Jersey, Washington