Former JPMorgan Chase & Co. gold and silver trader Christopher Jordan used a technique known as “spoofing” to gain an edge against high-speed computer algorithms because at the time, there were no rules against it, his lawyer told a federal court jury in Chicago.
“Chris traded according to the rules as he understood them, and he did so openly because he had nothing to hide,” defense attorney Parvin Moyne said during opening statements Thursday. “You have to be careful not to apply today’s standards” to Jordan’s trading from 2008 to 2010, she told jurors. Spoofing — placing orders with no intent to trade — became illegal in 2010.
Source: JPMorgan Gold Trader’s Spoofing Wasn’t Illegal, Lawyer Says