JPMorgan Trader Missed ‘Memo From Al Capone,’ Jury Hears – Law360

By Celeste Bott (July 29, 2022, 7:36 PM EDT) — The former leader of JPMorgan’s precious metals desk had legitimate strategies to back up his trades, and the government has failed to prove criminal intent behind them or present adequate evidence at trial to back its claim that his team conspired to cheat the commodities market, an Illinois federal jury heard Friday.

During continued closing arguments in the criminal racketeering trial for three former JPMorgan employees in Chicago federal court, counsel for ex-trader Michael Nowak told jurors that prosecutors failed to show “cold hard proof” of illegal trading practices.

Instead, they’re relying on testimony of “convicted felons” who actually spoofed the…