4th Person Charged In JPMorgan Spoofing Case

Law360 (November 15, 2019, 7:10 PM EST) -- A former JPMorgan Chase & Co. salesman has become the fourth person to be charged in a criminal racketeering case over an alleged multimillion-dollar precious metals market spoofing scheme, according to a superseding indictment filed in Illinois federal court.

Jeffrey Ruffo of Morristown, New Jersey, is facing two charges of racketeering conspiracy and conspiracy to commit wire fraud for his alleged role in an eight-year scheme to manipulate the market for precious metals futures contracts, prosecutors said.

Ruffo, who worked in hedge fund sales on JPMorgan’s precious metals desk in New York, joins one former and two current JPMorgan traders as defendants...

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