https://sputnikglobe.com/20230321/jpmorgan-took-delivery-of-stones-instead-of-purchased-nickel---report-1108622754.html
JPMorgan Took Delivery of Stones Instead of Purchased Nickel - Report
JPMorgan Took Delivery of Stones Instead of Purchased Nickel - Report
Sputnik International
JPMorgan, one of the top US banks and among the biggest names in the commodities trade on Wall Street, took delivery of bags of stones instead of the nickel that it paid for, US media reported.
2023-03-21T01:10+0000
2023-03-21T01:10+0000
2023-03-21T01:11+0000
world
jpmorgan chase
jp morgan
glencore plc
nickel
stones
transaction
wall street
fraud
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JPMorgan made the transaction several years ago and the commodity it thought it had purchased had been stored in a Dutch warehouse since, the report said on Monday.The London Metal Exchange said last week that sacks thought to hold 54 metric tons of nickel in an unnamed warehouse had failed to comply with its standards as inspections of the merchandise showed stones instead of a silvery nickel used in steel and electric-vehicle batteries.The exchange did not disclose the name of the buyer of the nickel briquettes valued at $1.3 million at current prices but people with knowledge of the matter said it was JPMorgan, the report said.Access World, a former subsidiary of miner and trader Glencore PLC which executed the order for JPMorgan, is likely to face pressure to foot the bill because it is responsible for checking metal on entry into the warehouse and keeping it safe while in storage, the report added.
https://sputnikglobe.com/20230119/running-out-of-money-usain-bolt-reportedly-lost-over-12-mln-to-scammers-1106484971.html
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jpmorgan, nickel fraud, stones instead of nickel, london metal exchange dutch fraud nickel, access world glencore plc nickel fraud case
jpmorgan, nickel fraud, stones instead of nickel, london metal exchange dutch fraud nickel, access world glencore plc nickel fraud case
JPMorgan Took Delivery of Stones Instead of Purchased Nickel - Report
01:10 GMT 21.03.2023 (Updated: 01:11 GMT 21.03.2023) WASHINGTON (Sputnik) - JPMorgan, one of the top US banks and among the biggest names in the commodities trade on Wall Street, took delivery of bags of stones instead of the nickel that it paid for, US media reported.
JPMorgan made the transaction several years ago and the commodity it thought it had purchased had been stored in a Dutch warehouse since, the report said on Monday.
The London Metal Exchange said last week that sacks thought to hold 54 metric tons of nickel in an unnamed warehouse had failed to comply with its standards as inspections of the merchandise showed stones instead of a silvery nickel used in steel and electric-vehicle batteries.
The exchange did not disclose the name of the buyer of the nickel briquettes valued at $1.3 million at current prices but people with knowledge of the matter said it was JPMorgan, the report said.
19 January 2023, 11:18 GMT
Access World, a former subsidiary of miner and trader Glencore PLC which executed the order for JPMorgan, is likely to face pressure to foot the bill because it is responsible for checking metal on entry into the warehouse and keeping it safe while in storage, the report added.
