The Commodity Futures Trading Commission has concluded its long-running civil enforcement case against former JPMorgan precious-metals traders Michael Nowak and Gregg Smith.
The case formally ended on Dec. 22, 2025, when a US district judge entered consent judgments resolving all remaining claims.
The settlements bring to a close one of the most prominent civil spoofing cases linked to Wall Street metals trading desks.
The lawsuit was first filed more than six years ago, reflecting the complexity of the investigation and proceedings.
Under the consent judgment, Gregg Smith agreed to pay a $200,000 civil monetary penalty.
Smith is permanently restrained from engaging in spoofing or any conduct prohibited under the Commodity Exchange Act.
He is also banned for three years from trading on or subject to the rules of any registered entity.
The restrictions further bar Smith from trading commodity interests for his own or others’ accounts.
He is also prohibited from directing trading activity, soliciting funds, or seeking registration with the CFTC during the ban period.
Michael Nowak, former global head of precious-metals trading at JPMorgan, agreed to pay a $150,000 civil penalty.