The lawsuit brought by the Commodity Futures Trading Commission (CFTC) against former JPMorgan precious metals traders Michael Nowak and Gregg Smith has come to an end. On December 22, 2025, the Honorable Franklin U. Valderrama of the Illinois Northern District Court entered consent judgments in this case. Defendant Smith will have to pay a civil monetary penalty in the amount of two hundred thousand dollars ($200,000). Smith is permanently restrained, enjoined and prohibited from directly or indirectly engaging in trading, practices, or conduct on or subject to the rules of a registered entity that is, is of the ... (full story)