Rep Reyes, House intelligence committee chair 2006 said news was never supposed to see light of day: Investors allege Sham ("spoof") Silver-Futures by HSBC Holdings Plc and JPMorgan Chase & Co.

Tuesday, November 9, 2010

Investors allege Sham ("spoof") Silver-Futures by HSBC Holdings Plc and JPMorgan Chase & Co.

http://www.bloomberg.com/news/2010-09-25/u-s-state-officials-investigate-after-gmac-halts-evictions.html

Laskaris v. JPMorgan Chase & Co., 10-08157
Beatty v. JPMorgan Chase, 10-08146, U.S. District Court, Southern District of New York (Manhattan)

"JPMorgan, HSBC Accused of Manipulating Silver Futures
By Joel Rosenblatt and Bob Van Voris - Oct 27, 2010 10:27 PM MT

"HSBC Holdings Plc and JPMorgan Chase & Co. were accused in an investor’s lawsuit of placing “spoof” trading orders to manipulate silver futures and options prices in violation of U.S. antitrust law....The investor...alleges that starting in March 2008, the banks colluded to suppress silver futures so that call options, or the right to buy, would decline, and put options for the right to sell would increase....A separate, similar complaint filed yesterday....and naming the same banks as defendants, claims a whistleblower contacted the CFTC last year and reported the banks’ conspiracy to suppress prices of silver futures to profit from “enormous” short positions in silver futures"

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