Beware of spoofing! What are the dangers of legitimate strategies

Beware of spoofing! What are the dangers of legitimate strategiesJPMorgan traders received jail terms for manipulating the gold and silver markets between 2008 and 2016. Former head of precious metals trading Michael Novak received one year and one day in prison, while top trader Gregg Smith received two years. But the problem is, the guys were just doing their job.Smith's prison term is the most severe ever received by employees of American banks for using dubious strategies. rime is that traders placed fictitious pending orders to buy/sell precious metals in the order book, and when the market turned in the direction of large volumes, these trading orders were quickly cancelled. Do you recognize it? This is standard spoofing, a popular and legal tactic that has never been hidden.The court ruled that Novak and Smith were aware of the illegality of such behaviour, but continued to manipulate the market.JPMorgan has a reputation as a global player in the precious metals market, and the actions of Smith and Novak, according to forensic experts, undermine investors' faith in the integrity of the commodity markets. Recall that in 2020 the bank has already agreed to pay $920 million to settle charges brought against it by the US Department of Justice. But this seemed not enough - nice guys finish last it was necessary to punish the heroes personally and publicly.The JPMorgan case is an act of political struggle of the federal prosecutor's office with market sharks, but no one intends to abandon risky strategies. Today, spoofing successfully earns both crypto bandits, stock speculators before important events (reports or buyback), and commodity traders in force majeure. And each of them hopes that no one will catch him.Do you also think that risk is more important than compliance with the law?Profits to yall!#ForexChief #JPMorgan #GreggSmith #Market #forexnews #MichaelNovak #worldnews #WallStreet