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