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JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action

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MessageJPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Dim 10 Oct 2010 - 11:48

Bart Chilton s'énerve sur le dossier de la manipulation du marché de l'argent



superbe article de fond avec des développements inédits .. même pour les anciens qui connaissent Ted Butler par coeur


http://www.hardinvestor.net/les-hard-investors-f7/butler-l-once-de-silver-a-200500-ou-1000-cela-peut-il-se-produire-t11781.htm


je profite de la file Butler pour revenir sur l'enquête cftc manipulation du marché de l'argent, toujours en cours.. enquête qui doit beaucoup à Butler qui "milite" depuis des années sur ce sujet

Bart Chilton déclare que ça devrait aboutir d'ici quelques semaines, et que si l'agence restait silencieuse, il en parlerait publiquement, de son coté

c'est pas rien ça .. puisque dès lors qu'une manipulation devient évidente aux yeux du grand public, elle ne peut plus avoir l'effet escompté, le marché ayant compris, va reprendre ses droits

Citation :
He said: 'I expect the CFTC to say something on our silver investigation within weeks. I can't pre-judge what that will be. I can't even guarantee that the agency will speak. That said, if the agency remain silent for much longer, I intend to speak out on the matter in an appropriate fashion.'

http://www.citywire.co.uk/money/silver-price-manipulation-public-deserves-answers/a437169?ref=citywire-money-featured-articles-list



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Dernière édition par marie le Sam 17 Sep 2011 - 2:15, édité 7 fois

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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Mar 26 Oct 2010 - 16:38

manipulation marché de l'argent : Bart Chilton s'énerve de plus en plus



http://www.reuters.com/article/idUSWALQLE6QE20101026

CFTC's Chilton raises alarm about silver market


WASHINGTON Oct 26 (Reuters) - There have been repeated attempts to influence prices in silver markets, Bart Chilton, a commissioner at the U.S. futures regulator, said on Tuesday.

"There have been fraudulent efforts to persuade and deviously control that price," Chilton said in prepared remarks before a Commodity Futures Trading Commission meeting.

Chilton said he could not pre-judge the outcome of the CFTC's ongoing investigation of the silver markets, but said public deserves some answers to their concerns. (Reporting by Roberta Rampton and Ayesha Rascoe; Editing by Neil Stempleman)



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Dernière édition par marie le Sam 17 Sep 2011 - 2:17, édité 1 fois

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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par nofear Mar 26 Oct 2010 - 22:59

Citation :
CFTC Takes Aim at "Runaway Robotic Trades": Chilton
By Christopher Doering
October 25, 2010
WASHINGTON (Reuters) – Computer-generated algorithmic trades have run amok in markets more than once this year, and U.S. regulators should look for ways to hold traders accountable, a top official on the Commodity Futures Trading Commission said on Monday.Bart Chilton, a commissioner with the futures regulator, said "mini-flash crashes occur all too often" following a surge in high-frequency trading.Securities and futures regulators have been trying to determine ways to prevent another event like the May 6 "flash crash" when markets temporarily plunged. The CFTC on Tuesday will unveil new draft rules to clamp down on disruptive trading practices."They don’t cause as much of a disruption as that of May 6, but more than once this year, runaway algos have disrupted markets. By that I mean, cost people money," Chilton said in prepared remarks for an energy conference in Las Vegas."We should explore ways to hold those who set off runaway robotic trades accountable," he said.More…


© Nofear / Hardinvestor / On appelle esprit libre celui qui pense autrement qu'on ne s'y attend de sa part en raison de son origine, de son milieu, de son état et de sa fonction, ou en raison des opinions régnantes de son temps. Il est l'exception, les esprits asservis sont la règle. Ce que ceux-ci lui reprochent, c'est que ses libres principes, ou bien ont leur source dans le désir de surprendre ou bien permettent de conclure à des actes libres, c'est-à-dire de ceux qui sont inconciliables avec la morale asservie." (Friedrich NIETZSCHE, Humain, trop humain) mon tweet perso: @ghostbikerman

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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Mar 26 Oct 2010 - 23:23

Midas revient et à juste titre, longuement sur les différentes déclarations de Chilton concernant la manipulation du marché de l'argent..qui ne se lacherait pas comme ça, s'il n'en avait pas sous le coude .
la suite promet d'étre interessante ..

et en prime Embry pense qu'une commerciale failure sur les futures de l'or et de l'argent est probablement imminente

www.lemetropolecafecom




Chilton: There Have Been 'Fraudulent Efforts' To Control Silver Prices

By Sarah N. Lynch
Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)--A federal futures regulator said Tuesday he believes there have been numerous attempts to fraudulently influence silver market prices, and he urged the agency to prosecute those who may have violated commodities laws.

Bart Chilton, a commissioner at the Commodity Futures Trading Commission, made his comments Tuesday at the start of a public meeting where the agency will be proposing new rules to strengthen its anti-fraud and anti-manipulation powers.

The agency's enforcement division for over two years now has been probing the silver market amid a flurry of complaints by investors who have raised fears about potential price manipulation. The CFTC hasn't provided any updates on the investigation, and Chilton said he thinks "the public deserves some answers to their concerns that silver markets are being, and have been, manipulated."

"I believe there have been repeated attempts to influence prices in the silver markets," he said. "There have been fraudulent efforts to persuade and deviously control that price."

He urged prosecution of those who may have violated the law, but said he can't prejudge what the agency will do with its investigation.
-By Sarah N. Lynch, Dow Jones Newswires;

-END-

The online version of The Wall Street Journal went a step further in their coverage of the budding silver scandal:
"The agency's enforcement division for over two years now has been probing the silver market amid a flurry of complaints by investors who have raised fears about potential price manipulation. The CFTC hasn't provided any updates on the investigation, and Mr. Chilton said he thinks "the public deserves some answers to their concerns that silver markets are being, and have been, manipulated."
"I believe there have been repeated attempts to influence prices in the silver markets," he said. "There have been fraudulent efforts to persuade and deviously control that price."
-END-
DO NOT underestimate what has occurred here. You can be SURE there will be more fury coming down the road. I met with Bart Chilton on December 18, 2008. He paid very close attention to what GATA had to say back then, taking copious notes and asking the right questions … as veteran Café members have known since then. You can be comfortable knowing Bart would not be going out on a limb like this without having an arsenal of evidence to back up his most extraordinary statements. Adrian calls Bart Elliot Ness and an Eliot Ness he is … doing all of this on his own, which is why it has taken so long.
Talk about nice timing…
Commercial signal failure in metals likely imminent, Embry tells King World News

Submitted by cpowell on 08:01AM ET Tuesday, October 26, 2010. Section:
Daily Dispatches
10a CT Tuesday, October 26, 2010
Dear Friend of GATA and Gold (and Silver):
Sprott Asset Management Chief Investment Strategist John Embry tells Eric King of King World News that the long-awaited commercial signal failure in the gold and silver markets may be imminent. Excerpts from the interview can be found at King World News here:
http://kingworldnews.com
/kingworldnews/KWN_DailyWeb/Entries/2010/10/25_J...

Or try this abbreviated link:
http://tinyurl.com/2bcqvdq
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



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Dernière édition par marie le Ven 18 Mar 2011 - 23:24, édité 1 fois

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MessageBart Chilton sur la manipulation du marché de l'argent : sa déclaration complète
par marie Mer 27 Oct 2010 - 13:03

Bart Chilton sur la manipulation du marché de l'argent : sa déclaration complète




et il pése ses mots !
puisqu'il déclare entre autres, ne pas donner de noms.. pour respecter la loi .. ce qui implique donc bien que le "dossier" est complet

http://www.cftc.gov/PressRoom/SpeechesTestimony/chiltonstatement102610.html


Statement at the CFTC Public Meeting on Anti-Manipulation and Disruptive Trading Practices


Commissioner Bart Chilton


October 26, 2010
I take this opportunity to comment on the precious metals markets and in particular the silver markets. More than two years ago, the agency began an investigation into silver markets. I have been urging the agency to say something on the matter for months. The public deserves some answers to their concerns that silver markets are being, and have been, manipulated.
The legal definition of manipulation under the law is a high bar to prove. It is a much different test than what the average person might consider as manipulation. Under existing law, to prove manipulation, the government is required to demonstrate not only specific intent, we also need to prove that as a result of the intent and market control, that activity caused an artificial price—a point which can certainly be debated by economists. Attempted manipulation is less difficult to prove—requiring an intent to manipulate and some overt act in furtherance of that intent. There are also other violations of law that could contort markets and distort prices.
I believe that there have been repeated attempts to influence prices in the silver markets. There have been fraudulent efforts to persuade and deviously control that price. Based on what I have been told by members of the public, and reviewed in publicly available documents, I believe violations to the Commodity Exchange Act (CEA) have taken place in silver markets and that any such violation of the law in this regard should be prosecuted.
In saying this, I am fully aware of the prohibition from divulging trader names or information about their positions. I am extremely careful not to violate the law in this, or any, regard. I also cannot pre-judge anything the agency may do with regard to our silver investigation, or any other matter.
The Wall Street Reform and Consumer Protection Act, which I strongly supported, contains new manipulation provisions as well as antidisruptive trading rules. These new authorities, along with the implementation of thoughtful position limits in metals will go a long way toward ensuring more efficient and effective metals markets devoid of fraud, abuse, and manipulation.
Thoughtful investigations take time. The CFTC staff has worked extremely hard on the silver investigation. That said, there is a point at which it is our responsibility to say something. Within the law, I have done so. I am hopeful that the agency will speak publicly about the investigation in the very near future and when they do so that it will be in a more granular fashion than I am permitted from doing at this time.


Last Updated: October 26, 2010

bien entendu et c'est ça qui compte, les déclarations de Chilton sont reprises dans la "grande presse"

http://online.wsj.com/article/SB10001424052702303341904575576203310056046.html

http://citywire.co.uk/money/price-of-silver-has-been-subject-to-attempted-manipulation/a444201?ref=citywire-money-latest-news-list

http://www.gata.org/node/9214



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Dernière édition par marie le Sam 17 Sep 2011 - 2:14, édité 2 fois

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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Jeu 28 Oct 2010 - 14:03

JPM et HSBC, poursuivis pour manipulation du marché de l'argent par 2 particuliers, investis sur les futures et options de l'argent, au comex

By Jonathan Stempel
Reuters
Wednesday, October 27, 2010
http://www.reuters.com/article/idAFN2725907120101027
NEW YORK -- JPMorgan Chase & Co. and HSBC Holdings Plc were hit with two lawsuits on Wednesday by investors who accused them of conspiring to drive down silver prices and reaping an estimated hundreds of millions of dollars of illegal profits.
The banks, among the world's largest, were accused of manipulating the market for COMEX silver futures and options contracts from the first half of 2008 by amassing huge short positions in silver futures contracts that are designed to profit when prices fall.
"Defendants reaped hundreds of millions of dollars if not billions of dollars in profits" from the conspiracy, one of the complaints said.
The respective plaintiffs, Brian Beatty and Peter Laskaris, each said they traded COMEX silver futures and options and contracts and lost money because of the alleged manipulation.

Beatty lives in Connecticut and Laskaris in New York, court records showed. The lawsuits seek class-action status, damages that may be tripled, and other remedies. The defendant banks are major participants in the silver market.
JPMorgan declined to comment. An HSBC spokeswoman had no immediate comment.
The lawsuits were filed one day after the Commodity Futures Trading Commission proposed regulations to give it greater power to thwart traders who try to manipulate prices.
The CFTC began probing allegations of silver price manipulation in September 2008.
"Going back to the early 1980s, silver has been an extremely volatile market," said Bill O'Neill, managing partner at Logic Advisors, an Upper Saddle River, New Jersey, investment firm specializing in commodities. "I often describe it as a speculative playground. You have to be a big boy to play."
Only once in its 36-year history has the CFTC successfully concluded a manipulation prosecution, in a 1998 proceeding concerning prices for electricity futures.
Speaking on Tuesday, Chairman Gary Gensler said the proposed regulations would give the regulator greater power to police "fraud-based manipulation."
Commissioner Bart Chilton added that there had been "fraudulent efforts to persuade and deviously control" silver prices.
A CFTC spokesman said the regulator does not comment on investigations and would not discuss the investor lawsuits.
Earlier this year the CFTC began looking into allegations by a London trader that JPMorgan was involved in manipulative silver trading, Rhe Wall Street Journal said on Wednesday, citing a person close to the situation.
Silver prices have faced regulatory scrutiny in the past, perhaps most prominently after the Hunt brothers in Texas in 1980 attempted to corner the market, driving prices above $50 an ounce. The price later plunged.
Since the CFTC began its probe, spot silver prices have ranged between $8.42 and $24.90 an ounce, Reuters data show. They traded Wednesday at roughly $23.53. Silver futures prices SIc1 are up 39.1 percent this year.
The cases are Beatty v. JPMorgan Chase & Co et al, U.S. District Court, Southern District of New York, No. 10-08146, and Laskaris v. JPMorgan Chase & Co. et al in the same court, No. 10-08157.



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Dernière édition par marie le Ven 18 Mar 2011 - 23:25, édité 1 fois

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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Jeu 28 Oct 2010 - 15:27

Pour Gene Arensberg, quelquesoient les suites de l'enquête CFTC.. la demande investissement argent métal monte irrésistiblement. et les commerciaux, sont à la peine pour la contrer ..
autrement dit, monsieur le marché est d'hors et déjà en train de régler le problème ==> la manipulation du marché de l'argent est en train de faire long feu

pour ma part j'avais également signalé un trouble certain et même un début de commercial failure, chez les bullions banks, cad nos suspects habituels, Jpm et hsbc

http://www.hardinvestor.net/les-hard-investors-f7/suivi-rapport-mensuel-cftc-des-banques-us-t10655-15.htm

inutile d'ajouter que l'aboutissement de l'enquête cftc silver, précipiterait leur désarroi dans un short covering épique


http://www.gotgoldreport.com/2010/10/cftcs-chilton-probably-not-why-silver-strong-.html#more



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Dernière édition par marie le Ven 18 Mar 2011 - 23:27, édité 1 fois

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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Jeu 28 Oct 2010 - 22:53

le cabinet d'avocats, Labaton Sucharow qui s'occupe de la plainte contre jpm et hsbc est un cabinet renommé, qui a déjà gagné plusieurs affaires de ce type ..
et comme je le disais plus haut, ce n'est pas un hasard de calendrier si ça tombe maintenant ..
puisque Adrian Douglas, qui est en contact avec le cabinet, nous apprend que l'affaire a débuté avec les auditions de mars dernier, et les révélations d'Andrew Mac Guire ( voir dans l'historique du forum ) sur la manipulatiion du marché de l'argent.
nul doute que nous allons entendre reparler de cette affaire .. restez à l'écoute !

www.lemetropolecafe.com

As a result of GATA’s appearance, and the incredibly brave Andrew Maguire, the law firm of Labaton Sucharow decided to sue JP Morgan and HSBC for violations of the Commodity Exchange Act and Sherman Anti-Trust violations. How big a deal is this? Adrian was kind of enough to elaborate:
Bill,
The lawsuit against JPMorganChase and HSBC for manipulating and suppressing the silver futures price on the Comex is being handled by a team of the best legal experience and track records in the United States: The law firms of Labaton Sucharow. I have listed below some of the major landmark achievements of this firm but there are many other big and important cases they have won also. This law firm knows what it is doing. They have the credentials to take on the bullion bankers such as JPM and HSBC and win. Because they are among the best and most successful law firms, they only take cases that they are sure they can win.


Labaton Sucharow
http://www.labaton.com/
In re Natural Gas Commodity Litigation

Labaton Sucharow LLP serves as Co-Lead Counsel in the recently-settled case In re Natural Gas Commodity Litigation, which involved manipulation by dozens of large energy companies of the price of natural gas futures contracts traded on the New York Mercantile Exchange (NYMEX). On June 15, 2007, Judge Victor Marrero of the Southern District of New York granted the parties’ Final Judgment and Order of Dismissal and approved settlements with the five remaining defendants for over $28 million. This followed his May 24, 2006, Final Judgment and Order of Dismissal approving settlements for more than $72 million against 17 defendants. The total settlement obtained in this complex litigation—almost $101 million—is the second largest class action recovery in the 85-year history of the Commodity Exchange Act.
In re Countrywide Securities Litigation

While the price of Countrywide stock was artificially inflated by Defendants’ false representations, and before Countrywide’s stock price collapsed, insiders received $867 million from Countrywide stock sales, of which the Company’s CEO, Angelo R. Mozilo, received nearly $450 million. In contrast, the decline in market capitalization suffered by Countrywide investors was in excess of $25 billion. Countrywide bondholders suffered additional large losses
On May 7, 2010, Labaton Sucharow LLP, on behalf of the New York State Common Retirement Fund and the five New York City public pension funds, announced a proposed settlement of the Countrywide Financial Corporation Securities Class Action for $624 million. Under the proposed settlement, Countrywide would separately pay plaintiffs $600 million and the accounting firm, KPMG, would pay $24 million.
-END-
Cheers
Adrian
Labaton began talking to Adrian and Andrew in MAY, which has been ongoing to this day. It is THEIR INPUT which has made this all possible.
At the same time, it cannot be a coincidence this lawsuit was filed two days after Bart Chilton made his remarks at a public hearing, which were covered by the financial market press everywhere. IMO: NO COINCIDENCE!
Think about it … JP Morgan and HSBC have been hit with one two punches within days. You have a government organization talking about FRAUD and then you have two heavy hitter law firms suing Morgan and HSBC for the same fraud. This is going to make it very difficult for both of those firms to dismiss the case as a frivolous lawsuit.
GATA has some dessert for you. The Bart Chilton charges and the lawsuit are only JACKS FOR OPENERS. There is more to surface in the months ahead which will send The Gold Cartel forces reeling. Stay tuned!
As far as the silver market is concerned, this news is SO BULLISH for the price, and at a minimum, as Adrian likes to say, you now have a free silver trade. If none of this weeks’ news comes to no avail, it is neutral for the price. If it plays out anything close to what GATA believes is likely to come to pass, it is EXPLOSIVE!
Why:
We are all over this; however the combination of these dramatic revelations are just beginning to percolate in the investment world. This can take weeks to sink in. The BIG MONEY is going to go after silver as sharks would, smelling blood in the water. Already, we know that big money has been moving into the physical market, as reported here for months. What do you think they, and others, will do knowing JP Morgan’s legal and financial vulnerability due to their illegal trading activities? How about when that BIG MONEY realizes JP Morgan Chase is short some 30,000 contracts on the Comex alone? There is no telling what the price of silver could do on the upside on any given day in the weeks ahead.
Congrats and a big thanks to Andrew Maguire and Adrian Douglas for all they have done for GATA and for those who believe in free and fair markets. This will be an epic financial market story of a lifetime when all is said and done.
One more thing. It was very understandable that, viewers who finally did get to hear my presentation to the CFTC, were perturbed that I spoke WAY too fast. True. But we made a very late decision that it was much more important that what GATA had to say make it into the public record, which would be there for everyone to review what GATA brought to the attention of the CFTC at the time. The lawsuit now ought to show this decision was the right one. From GATA’s testimony to Chairman Gensler and the 5 CFTC Commissioners:
The CFTC has been investigating possible manipulation of the silver market for more than a year, so this reporting change is disturbing.
The CFTC’s own reports of November 2009 show that just two U.S. banks held 43 percent of the commercial net short position in gold and 68 percent of the commercial net short position in silver. In gold these two banks were short 123,331 contracts but long only 523 contracts, and in silver they were short 41,318 contracts and long only 1,426 contracts. How improbable is it that these two banks attract most of the investors who want to sell short? 5
It has been possible to extrapolate that the two banks that hold these large manipulative short positions on the Comex are JPMorgan Chase and HSBC because of their huge positions in the OTC derivatives market, whose regulator, the U.S. Office of the Comptroller of the Currency, does not provide anonymity when it publishes market data. 6 In the first quarter 2009 OCC derivatives report, JPMorgan Chase and HSBC held more than 95 percent of the gold and precious metals derivatives of all U.S. banks, with a combined notional value of $120 billion. This concentration dwarfs the concentration in the gold and silver futures markets and should raise great concern about the lack of position limits on the Comex.
GATA has evidence that there are huge physical short positions in the gold market that cannot be covered. Growing stress caused by burgeoning physical bullion demand is threatening to lead to a price explosion, which will restore to the market the balance that regulation has failed to maintain. In our view, the Comex paper market will become dysfunctional, with "force majeure" having to be declared as the concentrated shorts are unable to deliver on their obligations.
We urge the CFTC to report fully and candidly on these markets and take appropriate action.



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Dernière édition par marie le Ven 18 Mar 2011 - 23:31, édité 2 fois

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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Jeu 28 Oct 2010 - 23:36

le texte complet de la plainte contre JPM et HSBC, pour manipulation du marché de l'argent est ici

http://www.gata.org/files/SilverManipulationLawsuit-10-27-2010.pdf

*******************

http://www.gata.org/node/9228

Silver manipulation lawsuit posted at GATA's Internet site


Submitted by cpowell on Thu, 2010-10-28 19:51. Section: Daily Dispatches
2:41p CT Thursday, October 28, 2010
Dear Friend of GATA and Gold (and Silver):
A copy of the silver market manipulation lawsuit filed yesterday in U.S. District Court for the Southern District of New York against J.P. Morgan Chase & Co. and HSBC Bank has been posted at GATA's Internet site here:
http://www.gata.org/files/SilverManipulationLawsuit-10-27-2010.pdf


GATA board member Adrian Douglas, who helped publicize London silver trader Andrew Maguire's disregarded silver market manipulation complaint to the U.S. Commodity Futures Trading Commission, said of the lawsuit:
"The Gold Anti-Trust Action Committee has worked tirelessly for more than 10 years to expose the suppression of gold and silver prices. The filing of this lawsuit is a milestone in stopping the fraud that has been occurring in these markets and punishing the bullion banks responsible. The suppression of the monetary metals has facilitated an overvalued dollar and mispriced debt that in turn have caused the massive imbalances at the root of the worldwide financial crisis. This fraud has hurt everyone except those on the inside who have profited at the expense of the public. I applaud the integrity of Andrew Maguire, whose whistleblower testimony has made this lawsuit possible, and the dedication of CFTC Commissioner Bart Chilton, who has had the courage to fight systemic corruption."
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



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Dernière édition par marie le Ven 18 Mar 2011 - 23:32, édité 1 fois

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MessageArticle manip Silver
par Bluedragon Mar 2 Nov 2010 - 9:47

Un article paru ce jour sur la manip Silver et ses révélations qui fait son petit bonhomme de chemin.

http://www.commodityonline.com/news/Why-Silver-price-is-manipulated-33073-3-1.html

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Messagettendant
par marie Mer 3 Nov 2010 - 14:09

bientôt une class action des actionnaires de minières contre jpm et hsbc?

en tout cas l'appel est lancé !

http://dollarcollapse.com/uncategorized/want-to-sue-the-bullion-banks/


en attendant et quoiqu'il en soit, James Turk est tjs très bull sur silver


http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/11/3_James_Turk_-_Gold_%26_Silver_Shorts_to_Experience_Pain.html



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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Jeu 4 Nov 2010 - 14:33

une 3ème plainte contre jpm et hsbc vient d'être déposée,
toujours sur le marché des futures et options de l'argent .
le plaignant est un investisseur, Carl Loeb.



http://www.prnewswire.com/news-releases/hagens-berman-sobol-shapiro-jp-morgan-and-hsbc-face-rico-charges-in-silver-futures-class-action-lawsuit-106624128.html

Hagens Berman Sobol Shapiro: JP Morgan and HSBC Face RICO Charges in Silver Futures Class Action Lawsuit


Banks alleged to have used naked short-selling to rig market




NEW YORK, Nov. 3, 2010 /PRNewswire/ -- JP Morgan Chase & Co. (NYSE: JPM) and HSBC Securities Inc. (NYSE: HBC) face charges of manipulating the market for silver futures and options in violation of federal commodities and racketeering laws, according to a new lawsuit filed Tuesday in the U.S. District Court for the Southern District of New York.
(Logo: http://photos.prnewswire.com/prnh/20080317/AQM144LOGO)
(Logo: http://www.newscom.com/cgi-bin/prnh/20080317/AQM144LOGO)
The suit – which alleges violation of the Commodity Exchange Act and the Racketeering Influenced and Corrupt Organizations (RICO) Act – alleges that the two banks colluded to manipulate the market for silver futures starting in the first half of 2008 by amassing huge short positions in silver futures contracts they had no intent to fill, but did so to force silver prices down to their benefit.
The suit was filed on behalf of Carl Loeb, an independent investor in silver futures and options, by Seattle-based Hagens Berman Sobol Shapiro LLP, a class-action and complex litigation firm.
"The practice of naked short selling has long been a serious issue on Wall Street," said Steve Berman, co-counsel and managing partner at Hagens Berman. "What we know about the scope and intent of JP Morgan and HSBC's actions in this short-selling scheme dwarfs any other similar attempt to manipulate a commodities market."
According to the complaint, JP Morgan amassed a sizeable short position in silver futures and options in part through its March 2008 acquisition of investment bank Bear Stearns. By August 2008, JP Morgan and London-based HSBC controlled more than 85 percent of the commercial net short position in silver futures contracts.
The suit alleges that, starting in early 2008, the two banks began manipulating the silver futures market by accumulating unusually large "short" positions and then secretly coordinating enormous sales of silver futures contracts on the Commodity Exchange, which is known as "COMEX" and is part of the New York Mercantile Exchange.
According to the lawsuit, JP Morgan and HSBC used a variety of methods to coordinate their manipulation of the market for silver futures contracts, signaling when to flood the COMEX market with short positions, which caused the price of silver futures and options contracts to crash.
The suit describes two "crash" events that were set in motion by JP Morgan and HSBC, one in March 2008, and the other in February 2010, after defendants had amassed large short positions. In the wake of both events, the suit alleges, COMEX silver futures prices collapsed.
"We believe that JP Morgan and HSBC's scheme was carefully conceived and coordinated to maximize their profits at the expense of innocent investors who believed that they were trading in a market free from manipulation," Berman said.
The complaint also contains allegations that in September 2008, the U.S. Commodity Futures Trading Commission launched an investigation that would eventually consider allegations made by a London-based independent metals trader named Andrew Maguire that the silver futures market was being manipulated.
The complaint alleges that Maguire disclosed to the CFTC on Feb. 3, 2010 that he received a signal from the two banks of their intent to drive down the prices of silver futures two days later, on Feb. 5, 2010. Maguire's information was correct and the price of silver dropped dramatically between Feb. 3, 2010 and Feb. 5, 2010.
In addition, the lawsuit states that both JP Morgan and HSBC still maintain highly concentrated holdings in short positions in silver futures and options, giving both banks the ability to continue manipulating the price of silver.
Plaintiffs' attorneys have asked the court to certify the case as a class action and enjoin JP Morgan and HSBC from continuing their alleged conspiracy and manipulation of the silver futures and options contracts market.
Attorneys also ask the court to award damages and attorneys' fees to the class.
About Hagens Berman
Seattle-based Hagens Berman Sobol Shapiro LLP represents whistleblowers, investors and consumers in complex litigation. The firm has offices in Boston, Chicago, Colorado Springs, Los Angeles, Phoenix, San Francisco and Washington, D.C. Founded in 1993, HBSS continues to successfully fight for investor rights in large, complex litigation. More about the firm and its successes can be found at www.hbsslaw.com.
Media Contact: Mark Firmani, Firmani + Associates Inc., 206.443.9357 or mark@firmani.com.

SOURCE Hagens Berman Sobol Shapiro LLP
Back to top
RELATED LINKS
http://www.hbsslaw.com



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Dernière édition par marie le Ven 18 Mar 2011 - 23:33, édité 1 fois

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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Ven 5 Nov 2010 - 13:13

pour se joindre à la class action de Hagens Berman Sobol Shapiro, formulaire en ligne :
http://www.hbsslaw.com/signup/suit/465

par ailleurs, Douglas suggére une autre possibilité, qui d'après lui serait encore plus efficace et surtout plus rapide :
se plaindre auprès de la NFA, National Futures Association

www.lemetropolecafe.com


Bill,
John Allen contacted me today with a new angle on how investors can go after the Comex market manipulators. John is a lawyer who has litigated against many of the big names on Wall St for over 20 years. He knows the ropes and points out that there are other alternatives to class action which can be faster, more effective and can achieve larger percentage recoveries than what may be achieved in a class action.
In particular he explained that investors can file an arbitration request with the National Futures Association (NFA). The accused manipulators are obliged to provide discovery under instruction from the NFA. If they do not they can lose their licenses to trade futures. Once discovery is available then arbitration can be made by the NFA and damages awarded to the plaintiff.
John Allen runs the website www.investorbeware.org and you can contact him through the site or call 1-800-345-1888. He is actively looking for silver and gold futures investors who lost money from 2008 to today to join him in filing an arbitration action.
Cheers
Adrian



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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Ven 5 Nov 2010 - 18:43

dossier manipulation du marché de l'argent : une 4éme plainte en class action vient d'étre déposé contre jpm et hsbc !



il s'agit cette fois du cabinet kaplan fox

http://www.marketwire.com/press-release/Kaplan-Fox-Sues-JP-Morgan-HSBC-on-Behalf-Investors-Silver-Futures-Options-Contract-Losses-1347390.htm

ci dessous, copie de la plainte

http://www.kaplanfox.com/templates/kaplanfox/images/content/pdfs/silver%20futures%20class%20action%20complaint.pdf



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Dernière édition par marie le Ven 18 Mar 2011 - 23:35, édité 1 fois

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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Mar 9 Nov 2010 - 14:56

dossier manipulation du silver : 5 eme plainte contre JPM ET hsbc

5eme plainte déposée par un trader, Eric Nalven..les mails d'Andrew Maguire à la CFTC, sont explicitement cités



Citation :
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.
http://www.zerohedge.com/sites/default/files/Informant%20Lawsuit.pdf



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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Mer 10 Nov 2010 - 22:54

comme annoncé plus haut, un autre type de procédure que la class action est mis en route == > plainte auprès de la NFA


http://www.gata.org/node/9283


Arbitration claim will target Morgan, HSBC for silver market rigging


Submitted by cpowell on Wed, 2010-11-10 21:10. Section: Daily Dispatches
4p ET Wednesday, November 10, 2010
Dear Friend of GATA and Gold (and Silver):
GATA has received the notice below from New York lawyer John Lawrence Allen about an arbitration claim to be made against J.P. Morgan Chase and HSBC Bank over silver market manipulation. It may be another way for silver futures buyers to gain satisfaction, though GATA doesn't specifically endorse any particular legal action in this regard.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Announcement from the Law Office of John Lawrence Allen
Wednesday, November 10, 2010

http://www.investorbeware.org
The Law Office of John Lawrence Allen is preparing to file an arbitration claim before the National Futures Association (NFA) against J.P. Morgan Chase & Co. and HSBC for silver market manipulation, fraud, and conspiracy to violate Section 22(a)(1) of the U.S. Commodity Exchange Act.
We believe that a consolidated arbitration before the NFA is significantly superior to filing a traditional lawsuit in court for several reasons.
First, arbitration is substantially less costly and more efficient than a suit in court. Generally an arbitration claim can be resolved within 12 to 15 months from filing as opposed to the years involved in a court proceeding. There is no right to appeal an arbitration claim, whereas in court, even if the case is won, it can be tied up in the appeal process for years.
Second, arbitration is an equitable proceeding guided by equitable principles, whereas a court case is a legal proceeding guided by strict legal principles of proof.
Third, arbiters are generally business people who understand what is fair and equitable as opposed to lay jury members who can be easily swayed by conflicting expert testimony.
Finally, as there is no right to the formal appeal process, if the case is won, investors can expect to receive payment within a short time following the conclusion of the arbitration proceeding.
Investors wishing to obtain information about joining the arbitration claim can visit investorbeware.org or call the Law Office of John Lawrence Allen at 1-800 345-1888.



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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Sam 4 Déc 2010 - 14:03

Bart Chilton Urges Corrupt CFTC Colleagues To Actually Act On Behalf Of Investor Protection For Once, Move On Position Limits



http://www.zerohedge.com/article/bart-chilton-urges-corrupt-cftc-colleagues-actually-act-behalf-investor-protection-once-move



Citation :
Even as the CFTC is doing its best to postpone indefinitely (and hopefully infinitely) a review of limit speculative positions held by commodity traders (read JPM), commissioner Bart Chilton, who really should shut up if he knows what is good for him, told the CFTC to instead act quickly and actually do something right for investor protection for once (not necessarily in those words). From Reuters: "The regulator, which has a mid-January deadline, has been pushing back the date to propose new speculative limits in energy and metals markets, and so far has not given a time for when it will be introduced. This proposal should be discussed on December 9th at the commission's next meeting; a proposal should be put out for public comment as soon as possible; and we should commit to meeting the statutory deadline," said Bart Chilton, a CFTC commissioner. "We can always find excuses, justifications, or pretexts for inaction -- this rule is too important to let any of those get in the way of fulfilling our statutory responsibilities, and keeping our promise." The problem is that none of "those" are standing in the way of fulfilling statutory responsibilities: there are only two things that are standing in the way, and they are called Jamie Dimon and Blythe Masters.



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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Lun 6 Déc 2010 - 23:17

cette fois ci, le coup de gueule de Barton Chilton (voir post précédent ) est officiel .. puisqu'il s'exprime sur le site de la CFTC.. sur le calendrier des limitations de positions .. qui est sans cesse repoussé

Citation :
The Reform Act was passed over four months ago—this provision isn’t a “surprise” to anyone. It didn’t fall out of the sky. Of course there are issues surrounding its implementation, but none of those excuse us from meeting the statutory requirements Congress has given us. This proposal should be discussed on December 9th at the Commission’s next meeting; a proposal should be put out for public comment as soon as possible; and we should commit to meeting the statutory deadline. We can always find excuses, justifications, or pretexts for inaction—this rule is too important to let any of those get in the way of fulfilling our statutory responsibilities, and keeping our promise.

http://www.cftc.gov/PressRoom/SpeechesTestimony/CommissionerBartChilton/chiltonstatement120210.html



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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Sam 11 Déc 2010 - 16:35

ce coup ci, Bart se fâche tout rouge et fait à nouveau un communiqué officiel .. révélant qu'un seul trader détenait en début d'année , 40% de la short position des futures de l'argent !
évidemment .. pour nous, c'est pas nouveau et nous savons parfaitement qui c'est .. ==> JPM..qui est également en train de faire un corner sur le cuivre ( sur londres où il détient 50% des stocks )

mais, cette fois ci, cette info devient officielle ! et Chilton lache le morceau, pour tenter de contrer l'opposition du cartel de l'or et de l'argent,à la mise en place des limitations de positions

on apprend également que pour le pétrole, la concentration en une seule main a atteint 20%



commentaires d'Adrian Douglas sur www.lemetropolecafe.com


Bart Chilton Drops a Bombshell

Chris, Bill

Bart Chilton in his speech yesterday during the public hearing on HFT dropped a bombshell. He revealed that one trader holds more then 40% of the short position on the silver market. We know by Bank Participation Reports and OCC Bank Derivative reports that this can only be JP Morgan Chase. In my opinion Chilton dropped this bombshell because the cartel was trying to torpedo his efforts for position limits. What better way to show that position limits are required than revealing that JPM owns the silver market. The same entity who has just corner the copper market on the LME. He also points out that some one holds 20% of the oil market. Isn’t it interesting that the mainstream press has ignored this comment just like the ignores Bill Murphy’s exposing the existence of a whistleblower at the March 25 public hearing.
http://www.cftc.gov/PressRoom/SpeechesTestimony/opachilton-35.html

*****

QUOTE
Dark to Light OTC Markets
If there is one chief concept behind the new law, it is transparency. In the futures world, the major change will be bringing light and regulatory oversight to the over-the-counter (OTC) derivatives market. As you know, OTC markets are where those annoying credit default swaps traded. To give you an idea of how this increases the regulatory universe, the currently CFTC-regulated exchanges account for roughly $5 trillion in annualized trading. The OTC market is roughly $600 trillion. We are going boldly where no regulator has gone before. To say the least, we have our work cut out for us.
Speculation and Position Limits
In addition to OTC markets, there is another key provision of real significance required by the new law. In the run-up to 2008, we saw an enormous shift in speculative money coming into futures markets. Over a several year period, roughly $200 billion in speculative money came into these markets. Crude oil reached $147.27 a barrel; gasoline topped $4 a gallon. Wheat, which trades at roughly $8 a bushel these days, was trading at $24. It went on and on, and then it all crashed.
I’m not suggesting a direct correlation between the inflow of speculative money or positions and the price volatility, by any means. Many of us learned, however, that while there may not be such a thing as too much speculative money, that same money might be too concentrated. We saw very large concentrations of trader positions in 2008. That has continued. Since then, we saw one trader hold more than 20 percent of the crude oil market. Even earlier this year, one trader held over 40 percent of the silver market.
While I’m not suggesting speculators drove prices in 2008 or today, I know they had an impact then and believe they are having some impact today. You don’t have to take it from me though. Economists at Oxford, Princeton and Rice universities all document that speculators have had an impact on prices.
Congress got it, and that is why the new law requires mandatory speculative position limits—to ensure that too much concentration doesn’t exist.
END
*****

And today again we can see the effect on silver and gold because entities that "own" these markets with their outrageously concentrated positions causing others who do not have a monopoly position to lose their shirts while the regulators, other than Chilton, look the other way.
Cheers
Adrian



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Dernière édition par marie le Ven 18 Mar 2011 - 23:40, édité 1 fois

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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par g.sandro Dim 12 Déc 2010 - 3:20

encore un qu'on pourrait retrouver mort d'une overdose de coagulant, pendu à la laisse de son chien après s'être poignardé dans le dos avant de se tirer 3 balles dans la tête au moment précis ou il se jetait sous les roues d'un camion en sautant de son hélicoptère....



Il pourrait souscrire une belle assurance décès...chais pas moi...chez AIG...caballas



Silver is king, Go Gold !
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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Dim 12 Déc 2010 - 14:23

lol, Sandro .. il devrait peut être y songer sérieusement, Bart
affraid


Rob Kirby publie une analyse des dernières statistiques dérivés silver ==> d'autres grands banques ( en plus de jpm et hsbc ) seraient shorts sur le silver

vraisemblablement, MORGAN STANLEY, Bank of América and Goldman Sachs

incidemment et pour le ratio gold /silver..
si l'on fait le ratio des dérivés gold / dérivés silver .. on obtient selon les modes de calcul, un ratio gold / silver de 3.3 ou 9.7 ... alors que le ratio actuel est de 48.10 ... ça laisse réveur ..

http://news.silverseek.com/SilverSeek/1292004828.php



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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Mar 28 Déc 2010 - 15:36

nouveau procès en class action contre JPM et hsbc, pour manipulation du marché de l'argent

http://www.gata.org/node/9462

Class action against Morgan, HSBC specifies silver manipulation mechanism


Submitted by cpowell on Tue, 2010-12-28 06:31. Section: Daily Dispatches
1:30a Tuesday, December 28, 2010
Dear Friend of GATA and Gold (and Silver):
A Chicago law firm yesterday announced another class-action lawsuit against J.P. Morgan Chase & Co. and HSBC Holdings PLC complaining of silver market manipulation. Interestingly, the lawsuit cites GATA's silver market manipulation whistleblower Andrew Maguire and U.S. Commodity Futures Trading Commission member Bart Chilton, and specifies mechanisms by which Morgan and HSBC could manipulate the silver market through the use of silver exchange-traded funds.
The lawsuit complains:
"Before the Class Period began, JPMorgan had become the custodian and an authorized participant of the largest known concentration of silver bars, the iShares Silver ETF, which holds in excess of 340 million troy ounces of silver, a sum that equals an estimated 1/3 of the total present global supply of silver bullion. As a result, it had actual knowledge of the precise whereabouts of much of the world's known silver bar supply.

"In approximately March 2008, JP Morgan acquired Bear Stearns, which held a very large short position in silver. With more of the total short position in silver concentrated in the hands of JP Morgan, it had a further motive to suppress prices.
"Upon information and belief, JP Morgan works together with HSBC, the other dominant player in the silver and precious metals markets. In July 2009, HSBC became the custodian of the SIVR ETF, which meant that it had physical access to and knowledge of the silver held by that trust. Notably, it named JP Morgan as one of the sub-custodians of the SIVR ETF.
"As a result of their participation in the silver ETFs, JP Morgan and HSBC had a direct opportunity to confer and discuss with each other the prices of silver held by each of them.
"In addition, Defendants had a strong incentive to suppress downward the price of silver as measured by the NYSE-Arca and CME/COMEX instruments. For example, Defendants could pledge their silver to the ETFs in exchange for ETF shares, sell their shares to other market participants, drive down the prices of silver through trades on NYSE-Arca and CME/COMEX, buy back their ETF shares from investors at lower prices, and return their (now lower-priced) silver ETF shares in exchange for the silver bars initially pledged against those shares, the real value of which remained the same, and only notionally appears lower because of Defendants' suppression.
"With respect to Defendants' conduct on the CME/COMEX platforms, JPMorgan and HSBC's scheme has been corroborated by Andrew Maguire, a 40-year precious metals trading veteran. Mr. Maguire reported his findings to the Commodity Futures Trading Commission (CFTC), which commenced an investigation in 2008.
"On October 26, 2010, CFTC Commissioner Bart Chilton stated that there had been 'violations of the Commodity Exchange Act in the silver market' and 'fraudulent efforts to persuade and deviously control' silver prices, and that these efforts 'should be prosecuted.'"
The full complaint of the lawsuit has been posted at GATA's Internet site here:
http://www.gata.org/files/SilverManipulationLawsuit-NIllinois-12-07-2010.pdf

The law firm's press release is appended.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Cafferty Faucher LLP Files Class Action Lawsuit
Against JPMorgan and HSBC Alleging Manipulation
of Silver Bar Financial Products
Law Firm Press Release
via Business Wire
Monday, December 27, 2010
http://www.businesswire.com/news/home/20101227005224/en/Cafferty-Faucher-LLP-Files-Class-Action-Lawsuit
CHICAGO -- Cafferty Faucher LLP (www.caffertyfaucher.com) filed a lawsuit on behalf of a class that includes purchasers and sellers of the iShares Silver Trust (NYSE-Arca SLV) and the ETF Securities Ltd. Silver Trust (NYSE-Arca SIVR) during the period March 1, 2008, through the present.
The lawsuit alleges that JPMorgan, the custodian of silver backing SLV securities and the sub-custodian of silver backing SIVR securities, and HSBC, the custodian of silver backing the SIVR securities, manipulated and suppressed the price of silver bar financial products, including SLV and SIVR, in violation of Section 9 of the Securities Exchange Act.
If you purchased or sold the iShares Silver Trust ETF or the ETF Securities Silver Trust securities during the period March 1, 2008, through the present, you may move the Court to serve as lead plaintiff within 60 days. The lawsuit, Case No. 1:10-cv-07768, was filed in the Northern District of Illinois on December 7, 2010 and is assigned to the Honorable Charles R. Norgle Sr.
The case is also brought on behalf of investors who purchased or sold CME Group Inc.'s Comex silver futures or options contracts, which are traded electronically through the Chicago-based Globex platform and through Comex. On behalf of these investors, the lawsuit alleges violations of the anti-manipulation provisions of the Commodity Exchange Act.
In addition to the claims under the anti-manipulation provisions of the Securities Exchange Act and the Commodity Exchange Act, the lawsuit also alleges that defendants violated federal antitrust law.
Cafferty Faucher LLP, with offices in Chicago, Philadelphia, and Ann Arbor, Michigan, is a national litigation firm that represents investors, businesses, and consumers who have been injured by illegal marketplace practices. Firm contact information is available at the above website. The firm has recovered tens of billions of dollars for its clients in cases targeting illegal acts and practices in a variety of industries including securities, commodities, insurance, pharmaceuticals, banking services, medical, high-tech, food and beverage, construction materials, and many others. Combined, the firm's attorneys have hundreds of years of experience working to recover losses on behalf of clients.
Contacts for Cafferty Faucher LLP:
Anthony Fata (Chicago), 312-782-4880, or Bryan Clobes (Philadelphia), 215-864-2800.



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Dernière édition par marie le Ven 18 Mar 2011 - 23:41, édité 1 fois

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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Mer 9 Fév 2011 - 23:24

en ce qui concerne les auditions de la CFTC sur les futures de l'or et de l'argent .. comme vous le savez ça fait plus que trainer du pied :


http://www.hardinvestor.net/t11247p45-la-cftc-invite-gata-aux-auditions-metaux-le-25-mars-2010


********************

en revanche et sur le front des procès contre JPM ET HSBC
le tribunal regroupe en un seul dossier les procès contre jpm et hsbc, concernant le dossier manipulation du marché de l'argent


http://www.gata.org/node/9577

Silver class-action suits against Morgan, HSBC consolidated in New York


Submitted by cpowell on Wed, 2011-02-09 01:22. Section: Daily Dispatches
By Evan Weinberger
Law360.com, New York
Tuesday, February 8, 2011
http://www.law360.com/securities/articles/224556
A judicial panel on Tuesday consolidated class-action litigation alleging that JPMorgan Chase & Co. and HSBC Holdings PLC violated antitrust laws by manipulating the silver market and potentially reaped billions of dollars while keeping the price of silver artificially low.
The U.S. Judicial Panel on Multidistrict Litigation on Tuesday consolidated the seven class-action lawsuits pending against the two banks in the U.S. District Court for the Southern District of New York.
"A majority of the domestic defendants are located in that district, and thus many witnesses and discoverable documents are likely to be found there," the panel ruled. "In addition, a substantial majority of the constituent and potential tag-along actions are pending in that district (including the first-filed action)."
The MDL has been assigned to Judge Robert P. Patterson Jr.

According to the order, six of the seven cases pending against JPMorgan and HSBC were filed in the Southern District of New York, while the seventh is pending in the U.S. District Court for the Eastern District of New York. The panel found that consolidating the litigation would "eliminate duplicative discovery; prevent inconsistent pretrial rulings on class certification, discovery, and other pretrial issues; and conserve the resources of the parties, their counsel and the judiciary."
The suits were spurred in part by a statement in October by Commissioner Bart Chilton of the U.S. Commodities Futures Trading Commission saying there had been "repeated attempts to influence prices in the silver markets."
The CFTC has been investigating the silver market for two years, and Chilton said the "fraudulent efforts to persuade and deviously control" silver prices should be prosecuted.
The suits, which specifically allege violations of the Commodity Exchange Act and the Sherman Act, claim that the banks collaborated to suppress the price of silver futures and options contracts by amassing "enormous" short positions in Commodity Exchange Inc., or Comex, beginning June 1, 2008.
Many of the allegations in the suits come from information provided by a whistleblower who used to work in the London office of Goldman Sachs Group Inc., the suits say.
The whistleblower is not named in the complaints, but in testimony before the CFTC in March, Bill Murphy, chairman of the advocacy group the Gold Anti-trust Action Committee, said it was a metals trader in London named Andrew Maguire.
After Maguire went public in March, the defendants began to unwind their positions in Comex, the suits claim.
Since then, the net short position of silver futures that are held by commercial banks -- the vast majority of which are made up of JPMorgan and HSBC -- has dwindled by more than 30 percent, the suits say.
As that happened, the price of silver skyrocketed, reaching $24.95 an ounce in October, its highest level in 30 years, the suits contend.
JPMorgan and HSBC declined to comment on the suits.
Cleary Gottlieb Steen & Hamilton LLP is representing HSBC.
Counsel for JPMorgan was not immediately available.
The MDL is In re: Commodity Exchange Inc., Silver Futures and Options Trading Litigation, MDL number 2213, in the U.S. District Court for the Southern District of New York.


*************

et comme prévu, ça commence à sortir dans les médias où l'on parle du Gata, D'Adrian Douglas et des fameuses déclarations d'Andrew Maguire devant la CFTC en mars dernier

http://www.futuresmag.com/Issues/2011/February-2011/Pages/Silver-Reflections-on-a-breakout.aspx



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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Lun 4 Juil 2011 - 16:50

une autre plainte contre JPM et HSBC vient d'etre déposée le 30 juin dernier

http://www.examiner.com/precious-metals-in-national/rico-suits-against-two-banks-metals-to-soar-review

explications sur Rico, Rackeeter influenced and corrupt organisations act



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MessageRe: JPM - HSBC / plaintes pour manipulation du marché de l'argent en class action
par marie Sam 17 Sep 2011 - 2:03

plainte contre JPM pour manipulation du cours de l'argent

du nouveau et du bon !!!



**************************

comme dirait Sandro, ça va puer dans la petite culotte de Blythe, ça



Hé oui, c'est une femme, donc on ne peut pas mettre, ça va puer dans le short de Blythe ...même pour les jeux de mots, faut que JPM mette des batons dans les roues, c'est dingue ça !




il est TRES tard et je vous la fait courte

mise à jour de la plainte contre JPM en class action , avec des éléments à charge, de plus en plus détaillés sur

- le mode opératoire

- les dates

- et les conditions dans lesquelles cette manipulation du cours de l'argent par JPM a eu lieu

on notera, évidemment, ce qui avait été souligné à l'époque, sur Hardinvestor

le rachat de Bears Stearns par JPM, lors de la débacle 2008, comprenant un important volet de shorts positions sur les futures de l'argent

mais il ya également pas mal d'autres éléments à charge, extrémememnt détaillés eux aussi, qui complétent le dossier initial de cette class action contre JPM



bref, tout est là, sur la file des dispatch du Gata, relative à JPM / class action silver



***************



Updated silver lawsuit IDs Morgan trading mechanisms, traders, 'spoof'' trades


Submitted by cpowell on Fri, 2011-09-16 17:32. Section: Daily Dispatches
1:33p ET Friday, September 16, 2011

Dear Friend of GATA and Gold (and Silver):

An updated complaint in the class-action lawsuit against JPMorganChase alleging manipulation of the silver futures market, filed this week in U.S. District Court for the Southern District of New York, details the mechanisms of the manipulation and some of the traders executing it.

According to the updated complaint:

-- MorganChase already had a large short position in silver when it acquired another large short position upon the investment house's acquisition of the failed New York brokerage Bear Stearns in 2008. This, the complaint says, gave MorganChase hugely disproportionate influence in the silver market.

-- MorganChase used "fake" and "spoof" trades to manipulate prices downward, particularly in advance of contract expiration dates, when MorganChase held put options, which became more valuable as the price of silver was driven down.

-- MorganChase reduced its short position following the May 25, 2010, hearing of the U.S. Commodity Futures Trading Commission, in which complaints of gold and silver market manipulation figured heavily. (GATA Chairman Bill Murphy and board member Adrian Douglas testified at that hearing and presented a statement by a London silver futures trader, Andrew Maguire, detailing market manipulation he had witnessed.)

-- MorganChase regularly engaged in uneconomic trading activity in silver whose only purpose was price manipulation.

-- The CFTC received a detailed complaint about silver market manipulation from a "whistleblower" (this is presumably Maguire).

--Market circumstances during the period of manipulation alleged by the lawsuit were much different from the circumstances previously investigated by the CFTC when it concluded that there had been no manipulation.

While these are all only allegations, the silver price manipulation case against MorganChase is now extensively detailed with names of participants, specific actions and their dates, and identities of participants. Market experts no doubt will find much more of signifance in the consolidated complaint.

King World News has just published a summary of the consolidated complaint here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/9/16_Id...

The full complaint can be found at GATA's Internet site here:

http://www.gata.org/files/ConsolidatedSilverClassActionComplaint-09-12-2...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



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Dernière édition par marie le Sam 17 Sep 2011 - 2:28, édité 2 fois

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