A former trader at UBS was charged with conspiracy and fraud over his suspected role in manipulating the price of precious metals.
Bloomberg News reports that Andre Flotron, who worked at the bank in Switzerland and Stamford, Connecticut, is the second person publicly charged in the U.S. investigation into the fixing of gold, silver, platinum and palladium prices. Flotron, a Swiss citizen, was arrested while visiting his girlfriend in New Jersey.
He was charged with conspiracy, wire fraud, commodities fraud and spoofing. He faces as many as 25 years in prison on the most serious charge.
Flotron, 54, appeared Wednesday in shackles in federal court in Newark, New Jersey, where a judge ordered him held without bail after prosecutors said he might flee to Switzerland. Flotron will be held until he makes an appearance in Connecticut, where the case was filed. The judge also set a September 22 preliminary hearing.
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