Scotiabank To Pay $127 Million Fine For Precious Metal Price Manipulation

precious metals

Canadian bank Scotiabank will pay $127 million to the Department of Justice to settle charges manipulating prices of precious metals.

Four traders at the bank allegedly manipulated thousands of orders for precious metals futures contracts over an eight-year period. The bank was also charged with making false statements and incomplete disclosures about traders manipulating prices in a prior investigation. A failure in compliance also contributed to the size of the scheme, as compliance officers were notified of the activity but made no effort to investigate.

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