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Andrew Maguire Re-Emerges: Ex-Goldman Trader Exposes JPMorgan, HSBC In Latest Silver Price Manipulation Class Action Lawsuit

Tyler Durden's picture




 

Just as in fraudclosure, the PM manipulation lawsuits are now coming daily... Soon - hourly. From the just filed lawsuit by Eric Nalven, which references Andrew Maguire's series of whistleblowing emails: "In connection with its acquisition of Bear Stearns in March 2008, defendant JPMorgan acquired massive short positions in the silver futures market. Thereafter, JPMorgan, with HSBC, artificially depressed the price of silver dramatically downward. The conspiracy and scheme was enormously successful, netting the defendants substantial illegal profits. The conspiracy and scheme has been corroborate by a 40-year industry veteran and former employee of Goldman Sachs (the "Informant") who was told by representatives of the defendants about the conspiracy and scheme. The Informant has stated that he had been told first hand by traders at JPMorgan that JPMorgan manipulates the silver market. The JPMorgan traders would brag to the Informant about how much money they were making as a result of such manipulation. The informant reported the defendants' activities to the CFTC which has opened an investigation into the manipulation of the silver market."

Stick a fork in it - JPM's manipulation reign is over. And, for the record, this is
the same HSBC, whose vaults "hold" the 1,300 tonnes of "gold" owned by GLD. Good luck collecting.

Full lawsuit (pdf) - read cover to cover.

Informant Lawsuit

h/t SilverIsKing

 

 

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Tue, 11/09/2010 - 01:39 | 710681 Dkizzle49855
Dkizzle49855's picture

How I hope JPM burns in hell.  Did I also mention how I love ZH.  Keep up the great work TD.

Tue, 11/09/2010 - 02:11 | 710736 DoChenRollingBearing
DoChenRollingBearing's picture

Urgent call out to JonNadler, Sr. VP there at JPM!

Better get those wussies JW, Robot, Bravo and Obama2012 to save Jamie's and Blythe's asses...

Just from a curiosity standpoint, I wonder if your charms have worked against tough girl MsCreant!  Failure means zero here with our heroine MsC!  Maybe working a way through of Lafite would have helped...

Tue, 11/09/2010 - 03:23 | 710969 euclidean
euclidean's picture

How much for this to all go away ... seriously, put a wild number on it. Now double it. The price for silence is but a fraction on what is being played for.

 

You want that paid in cash, physical gold or silver? We also have people to help you invest it ...

Tue, 11/09/2010 - 03:56 | 711085 jeff montanye
jeff montanye's picture

so, so true.  and don't forget the excellent cocaine, prostitutes and hidden campaign contributions as a kind of cherry on top.

Tue, 11/09/2010 - 07:21 | 711280 Cognitive Dissonance
Cognitive Dissonance's picture

Better get those wussies JW, Robot, Bravo and Obama2012 to save Jamie's and Blythe's asses...

The FRN paper lovers have been strangely quiet the last few weeks. I wonder why? Have they all gone to ground, hiding in their respective spider holes like the departed Saddam Hussein? Who's going to be the first to pull them out of their hiding place by their short hairs and check them for lice?

Actually that won't be necessary. As soon as Gold corrects some of the recent rise, something that is most likely inevitable and even welcome in order to shake out the weak hands, we shall see the reappearance of the trolls. 

Tue, 11/09/2010 - 08:01 | 711313 JonNadler
JonNadler's picture

CD, not true!

THis troll has been here all the time, I don't run like JW and RObot, am here to stay

Tue, 11/09/2010 - 09:52 | 711451 CU1981
CU1981's picture

The correction was last week.

I'm afraid you missed it ?

Tue, 11/09/2010 - 07:59 | 711311 JonNadler
JonNadler's picture

DoChen

 

MsCreant won't break man, she keeps on subbing me. Wait! what if I pull an Andrew McGuire on Jamie. I mean I know where the bones are burried. It would save my hopeless sorry, discredited, scorned, ridiculuous ass at this point AND might give me a chance with Ms. Creant!

Where's the number to that law firm, I ma gonna blow the whistle baby!

Tue, 11/09/2010 - 09:56 | 711464 The Real Fake E...
The Real Fake Economy's picture

nothing would make me happier than to see Dimon and Blythe pay but I don't see that happening.  Those who are connected to the whole scheme never pay the penalty.  Check out this story from a few years ago:

http://www.portfolio.com/views/blogs/market-movers/2008/06/30/the-curiou...

Private Banker at JPM was making illegal transfers out of the bank to other institutions and he goes to jail.  Alvaro Martinez-Fonts meanwhile gets demoted from CEO of LATAM PB to running Florida (you kidding??)  Jamie Dimon faces no penalties.  Mary Erdoes who ran the Private Bank at the time gets promoted to the run the entire asset management business 18 months later.  The prior 2 don't have Harvard MBAs, the latter 2 do.  Have to protect the institution as we all know.

If this makes it to court, some lowly trader and sales guy or something will take the fall.  Jamie will be Treasury Sec by next winter by where he will unveil TARP 2, and Blythe will be promoted to head of all trading. 

 

Tue, 11/09/2010 - 01:45 | 710697 New Survivalist
New Survivalist's picture

+1300

Tue, 11/09/2010 - 01:57 | 710709 seadragonconquerer
seadragonconquerer's picture

Bought silver a few months back at $15. The broker involved was a JPM guy. They're not all bad. Snicker....

Tue, 11/09/2010 - 02:22 | 710758 Herd Redirectio...
Herd Redirection Committee's picture

Picked up a bit of the ole SLW at 10.37.  18 months back.  It has tripled.

It looks like silver could still double, after which it will probably slow down a little, and 'merely' track the Fed's devaluation efforts.  I know people who are waiting for a pullback to pull the trigger, so its safe to suggest there will continue to be A LOT of demand going forward.

http://psychonews.site90.net

Read our latest PsychoNews story, The Currency Wars, Part 3

Tue, 11/09/2010 - 03:57 | 711088 jeff montanye
jeff montanye's picture

some silver stocks (first majestic) have done well too.

Tue, 11/09/2010 - 08:35 | 711333 SWRichmond
SWRichmond's picture

Hecla went up 13% yesterday.  NovaGold is a double from March 30.  etc etc.

Tue, 11/09/2010 - 11:04 | 711636 i-dog
i-dog's picture

Max Keiser interviews David Morgan on the silver market and covers the paper silver ponzi:

http://www.youtube.com/watch?v=rpkQiGvWChY

Tue, 11/09/2010 - 07:34 | 711293 smartknowledgeu
smartknowledgeu's picture

i hope you took delivery of physical. if not, don't assume that JPM actually bought you physical silver.

http://www.reuters.com/article/idUSN1225115120070612

 

Tue, 11/09/2010 - 01:56 | 710711 Something Wicke...
Something Wicked This Way Comes's picture

Big fucking deal. Prob cut a deal with the government for some hefty fines, well if the SEC can leave their porn ridden computers long enough.

Nothing to see here, move along please.

Tue, 11/09/2010 - 02:56 | 710894 Al Gorerhythm
Al Gorerhythm's picture

Wrote a post in reply to you and your junkers below SW. Peace, bro.

Tue, 11/09/2010 - 01:57 | 710714 UncleFurker
UncleFurker's picture

 

Roll on "demand physical delivery day" - December 7th.

 

And if you know any sales guys that are out of work and looking to sell something that's HOT right now - physical silver - do them a favour and send them over to http://silver-dollars.com

 

Tue, 11/09/2010 - 02:01 | 710722 Kaiser Sousa
Kaiser Sousa's picture

some still dont get it...the "con" ends when the "confidence" has been destroyed...

whether or not any trial and subsequent prosecution results, the fact that the fraud has been exposed beyond doubt for what it is - fraud...accomplishes the same result if not more...the return of the "money of kings & the money of gentlemen is upon us...

Salute all Comrades n physical Gold & Silver...

fuck a banker.....

Tue, 11/09/2010 - 08:37 | 711340 SWRichmond
SWRichmond's picture

gibbet a banker...after a proper trial, of course....

Tue, 11/09/2010 - 02:03 | 710724 Oh regional Indian
Oh regional Indian's picture

When the bad news tumbles out like this, one has to put on one's thinking cap and wonder.... what's the game?
No one, NO ONE, who speaks out to this extent can do so and survive unless he is meant to.

That little hit and run set up was strange too. Is Andrew under 24/7 security now? Who is he battling for? I don't believe in white-knights.

What's the game? Permitted/designed implosion or explosion?

Dramatically different outcomes.

ORI

http://aadivaahan.wordpress.com

Tue, 11/09/2010 - 02:25 | 710768 Sp00ky
Sp00ky's picture

Whistleblower gets 10% of whatever the fine amounts to.

Tue, 11/09/2010 - 02:53 | 710892 Oh regional Indian
Oh regional Indian's picture

Ah! Thanks Spooky, I needed to feel the motive.

It all becomes clearer now, the chess board that is.

ORI

http://aadivaahan.wordpress.com

Tue, 11/09/2010 - 03:24 | 710970 cossack55
cossack55's picture

Agreed, white knights are a little few and far between.  Greed, however, I can certainly believe in, since it is displayed daily on CNBC.  Oh wait, maybe thats just stupidity.

Tue, 11/09/2010 - 08:22 | 711325 Jendrzejczyk
Jendrzejczyk's picture

He could be holding a ton of physical silver too and just wanted his net worth to increase.

Tue, 11/09/2010 - 10:04 | 711479 DarkMath
DarkMath's picture

Payback's a bitch.

Tue, 11/09/2010 - 11:22 | 711699 Temporalist
Temporalist's picture

Yea he could just hate all the socio/psychopaths that he had to deal with for 40 years.

Tue, 11/09/2010 - 02:04 | 710725 gwar5
gwar5's picture

Well, here it comes  -- saw that someone also just posted this story on the Silver $28 article -- so this is all breaking fast and ZH is serving it up piping hot.

This can't be good if you're JPM.

But, it's all good if you're Andrew McAguire -- this should help compensate him and his wife getting rammed into by the mystery hit and run driver the day after he outed JPM. Now that the lawsuits are flying they can walk around without looking over their shoulders.

 

 

Tue, 11/09/2010 - 08:10 | 711249 i-dog
i-dog's picture

"rammed into by the mystery hit and run driver the day after he outed JPM"

What's even more disturbing is that Maguire only sent emails to the CFTC the day before the hit and run -- which means that the CFTC betrayed his confidence and named their star witness to JPM (or they arranged the hit themselves as a favour to JPM).

Tue, 11/09/2010 - 09:53 | 711453 tmosley
tmosley's picture

His name was known on Zerohedge for some time before the hit and run attack.  They might not have known where he was going to be, but they could have tracked him easily enough with basic surveillance.  

Tue, 11/09/2010 - 10:09 | 711495 truont
truont's picture

Nah, man.

Maguire did not get "hit-and-runned" until 1 day after Bill Murphy from GATA relayed Andrew Maguire's testimony before the CFTC open hearing on metal position limits in late March.

The zinger was that Bill Murphy named JPM as the main manipulator per Andrew Maguire.

The next day, Andrew and his wife paid the price of their intervention.

http://babybulltwits.wordpress.com/2010/03/26/gatas-murphy-demonstrates-silver-and-gold-manipulation-at-cftc-hearing/

Tue, 11/09/2010 - 11:07 | 711648 i-dog
i-dog's picture

Thanks for the correction.

Tue, 11/09/2010 - 02:20 | 710748 beanieville
beanieville's picture

It's only silver.  c'mon people.  Not like it's the next Microsoft!  Move along.

Tue, 11/09/2010 - 10:05 | 711485 DarkMath
DarkMath's picture

I guess you don't like just %500 returns. Are you an asshole or something?

Tue, 11/09/2010 - 02:20 | 710749 moofph
moofph's picture

...my, my, my...how quickly life can prove that chaos shall rule the idiot...well, when the fine wine turns sour on the ones labeled criminals, there shall be many tables available for those on the right side of the deal...and who shall have the honor of passing out the scarlet letters to those worthy of making the spirit of edgar allen poe blush a little?

...send in the trolls!

Tue, 11/09/2010 - 03:41 | 711071 Bananamerican
Bananamerican's picture

 “So the last will be first, and the first last”

Tue, 11/09/2010 - 04:03 | 711093 jeff montanye
jeff montanye's picture

and poe's is much harder to get to blush than hawthorne's.

Tue, 11/09/2010 - 02:39 | 710834 ebworthen
ebworthen's picture

We can only hope that this gets traction.

After 30+ years of watching this circus I'm afraid that as a civilization we are only a couple of holidays and football games from belching then taking a nap on the couch and rolling over and forgetting all about it.

Tue, 11/09/2010 - 03:25 | 710997 cossack55
cossack55's picture

What was HSBC's comment, something like " we rely on legal protections"....meaning "we will buy the judges".

Tue, 11/09/2010 - 02:45 | 710849 tony bonn
tony bonn's picture

and fuck all you tards who taunted the vigilantes with tin hat bullshit...conspiracy exposer and proud of it...and thank you gata!!!!

Tue, 11/09/2010 - 02:50 | 710854 Al Gorerhythm
Al Gorerhythm's picture

Know how you feel SW. Junkers need some compassion, the guy's worn out!

Tue, 11/09/2010 - 02:56 | 710897 Endstrategy
Endstrategy's picture

Do you think Goldman is at all involved? That they would love to see a JP Morgan takedown?  Remember, these vulture banker types eat their own.

Tue, 11/09/2010 - 03:28 | 711021 cossack55
cossack55's picture

You're joking, right?  I found a GS goof going through my underwear drawer yesterday.  Claimed he was leaving coupons for $100 if I opened an account.  They are f**king everywhere.

Tue, 11/09/2010 - 05:18 | 711245 Oh regional Indian
Oh regional Indian's picture

That's funny cossack.

Truth though, is that most of this law-suit business is like WWF.

It looks bad (well not really, but if you are programmed enough, it does), but everyoen is playacting and no one really gets hurt.

The banksters will meet their come-uppance away from our eyes. To hope to see vengence delivered might be falsely placed. Violence is it's own best friend.

ORI

http://aadivaahan.wrodpress.com

Tue, 11/09/2010 - 10:38 | 711561 moofph
moofph's picture

"Remember, these vulture banker types eat their own."

...yes, i've heard of this, but i did not expect them to lick the bones.

Tue, 11/09/2010 - 05:33 | 711250 tallystick
tallystick's picture

Ghetto thugs have learned that the appearance of being a bad ass is enough to keep 90% of people in line.

 

Bankers have 99% of people in line through deception, but like most thugs, they turn out to be the biggest pussies in the house when they are called out on their scams.

 

PUBLIC NOTICE TO James Pierpont Morgan & Company

GS, people used to think you are the smartest in the  room when we were naive enough to think you were operating skillfully within the law. Now that we understand you aren't that smart, but are merely common crooks operating modern versions of classic scams, we have lost our respect for you. You see, crime pays until it's discovered, but once it is  discovered,there is a much larger subset of the population that is  both honest and of superior intelligence to yourselves that you have to deal with. You can't hide.  We have the internet.  Repent now, retire from Wall St, or you will be taken out legally, economically, socially, or otherwise.  This is your last chance. Retire, join us, or be destroyed.

 

We are not scammers, nor manipulaters.  However, we are vengeful and NOT TO BE FUCKED WITH.  We outnumber you 10,000:1. We are armed, but not aggressive, nor aggitators.   But if you scam enough of us out of our homes, livlihoods, and destroy our families, we will return the favor.

 

We will take you down white shoe boys. 

 

Every seen Rushmore?  Yeah, we're going to take Bill Murray's advice. 

 

Set our eyes on the Wall St. scammers and take them down.   

p.s. I like my local TBTF banker, he's a naive fat guy who used to work for Old Navy before his current job.  You fucked him to Wall St.  I've had it.  I'm re-educating your employees TBTF  and you can't stop me =)

Tue, 11/09/2010 - 07:26 | 711287 anony
anony's picture

Threats are meaningless to the likes of Dimon, Blankfein and their mutant clones high on cocaine, trillions in 'bonuses' courtesy of whichever Treasec is in position to profit enough for three thousand years.

ONLY ACTiON, a few taken out, will chasten the rest.  Nothing else will work. 

 

Tue, 11/09/2010 - 10:35 | 711552 Kaiser Sousa
Kaiser Sousa's picture

Anony---

now somebody's taking...

when leaving home requires a very serious threat assesment by these sociopaths then the game changes....

Tue, 11/09/2010 - 05:48 | 711255 ViewfromUnderth...
ViewfromUndertheBridge's picture

From October 2009 to March 2010 I was repeatedly stopped out on long silver positions trading a derivative of the COMEX silver price on a trading platform....I will contact K, F & K LLP to see whether I, and no doubt others like me, can join the class action under para 80 of the complaint.

Thank you TD.

Sun, 06/05/2011 - 19:38 | 1342051 I_am_always_right
I_am_always_right's picture

Great post VFU. Everyone involved at that time should do the same.

Tue, 11/09/2010 - 07:33 | 711291 tradewithdave
tradewithdave's picture

Wow.  We've been waiting for this and as usual ZeroHedge comes through.  For those who are searching for links to the Andrew Maguire story, we have posted a number of links on our site that provide some backstory.  Great job as usual.  I've been pushing the New York post for three months for a follow-up to their previous story to no avail.

http://tradewithdave.com/?s=andrew+maguire

Dave Harrison

www.tradewithdave.com

Tue, 11/09/2010 - 09:03 | 711355 Downtoolong
Downtoolong's picture

The latest addition to the career path of a top Wall Street employee...INFORMANT.

Tue, 11/09/2010 - 09:08 | 711358 Silversinner
Silversinner's picture

The live now pay later era is ending!!

It's time to show the 'real' money ;GOLD and SILVER.

Big,big cracks in paper ponzi pyramide.

Sqeeeeeeeeeeeeeeeeese,sounds like nails scratching

a schoolboard.

Tue, 11/09/2010 - 09:08 | 711360 ZeroPoint
ZeroPoint's picture

Don't expect this to end on the side of justice. My feeling is the federal government is going to step in and quash the whole thing in the name of 'national security'. That is, security for the TBTF institutions. If you are TBTF, then you are too big to prosecute.

Tue, 11/09/2010 - 11:36 | 711766 Silversinner
Silversinner's picture

The wold is much,much bigger then U.S or U.K alone.

 

Tue, 11/09/2010 - 09:13 | 711362 unum mountaineer
unum mountaineer's picture

to ben shalom, turbo timmay, the politicos, the krugamites, the cramer-holics and the plain ol' gold aint money crowd I say xie xie ni ! thanks and all the best!

Tue, 11/09/2010 - 09:18 | 711373 Raymond K Hessel
Raymond K Hessel's picture

I'm in SIVR.  Supposedly backed by bullion.

Tue, 11/09/2010 - 09:28 | 711399 goldsaver
goldsaver's picture

Look into PSLV. This fund has audited silver in Canadian vaults. Ideally you will have physical in your safe, but this is the next best thing.

Tue, 11/09/2010 - 09:46 | 711435 apberusdisvet
apberusdisvet's picture

GSR hovering around 50; should stabilize at around 30, IMHO.  Sprott's purchases for PSLV caused some shortages.  When all is said and done we may find out that there is far less physical silver around than supposed.

Tue, 11/09/2010 - 10:54 | 711606 SRV - ES339
SRV - ES339's picture

No news on Andrew Maguire specifically... not one word since the car crash!

Hard to believe there was no followup on the crash investigation at least (I'm sure they caught the guy, but not a word in the media)!

Anyone have anything on this?

Tue, 11/09/2010 - 11:20 | 711693 GoinFawr
GoinFawr's picture

Curious, huh?

Regards

Sun, 06/05/2011 - 19:13 | 1342018 I_am_always_right
I_am_always_right's picture

Nothing. Not a sausage.

Anyone have their doubts about his existence? I do.

Mon, 06/06/2011 - 14:36 | 1343942 Temporalist
Temporalist's picture

http://www.nypost.com/p/news/business/jpmorgan_chase_story_in_uk_DsMN4Pn...

 

"London cops using helicopters and patrol cars chased the hit-and-run driver before nabbing that person, whose name has not been released by authorities.

Maguire and his wife were released from the hospital yesterday. London police would not comment on the accident investigation."

 

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