Langsung ke konten utama

JPMorgan Admits Fraud, Agrees to Billion Dollar Settlement for Illegal Trading

JPMorgan Admits Fraud, Agrees to Billion Dollar Settlement for Illegal Trading

JPMorgan Chase has admitted to fraud charges and agreed to settle with the U.S. Department of Justice, the Commodity Futures Trading Commission, and the Securities and Exchange Commission. The firm has agreed to pay nearly a billion dollars in penalties and victim compensation.

JPMorgan’s Fraud Cases

The U.S. Department of Justice (DOJ), the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC) announced separate actions against New York-based global banking and financial services firm JPMorgan Chase & Co. and several of its subsidiaries on Tuesday. According to the agencies, JPMorgan has admitted to fraud charges and agreed on settlements to resolve criminal charges against it.

The Justice Department explained that the criminal charges against JPMorgan Chase relate to two distinct schemes to defraud. “The first involving tens of thousands of episodes of unlawful trading in the markets for precious metals futures contracts, and the second involving thousands of episodes of unlawful trading in the markets for U.S. Treasury,” the DOJ announcement details.

The CFTC independently issued an order charging and settling with JPMorgan Chase & Co. and its subsidiaries, JPMorgan Chase Bank and J.P. Morgan Securities “for manipulative and deceptive conduct and spoofing that spanned at least eight years and involved hundreds of thousands of spoof orders in precious metals and U.S. Treasury futures contracts on the Commodity Exchange, Inc., the New York Mercantile Exchange, and the Chicago Board of Trade.” The CFTC detailed:

JPM is required to pay a total of $920.2 million — the largest amount of monetary relief ever imposed by the CFTC.

This total amount includes the highest restitution, disgorgement, and civil monetary penalty amounts in any spoofing case, the agency added.

“For nearly a decade, a significant number of JP Morgan traders and sales personnel openly disregarded U.S. laws that serve to protect against illegal activity in the marketplace,” Assistant Director William F. Sweeney Jr. of the FBI’s New York Field Office commented. “JP Morgan Chase and Co. agreed to pay nearly one billion dollars in penalties and victim compensation.”

In addition, the Securities and Exchange Commission issued an order charging J.P. Morgan Securities “for fraudulently engaging in manipulative trading of U.S. Treasury securities.” According to the SEC:

J.P. Morgan Securities admitted the findings in the SEC’s order, and agreed to pay disgorgement of $10 million and a civil penalty of $25 million to settle the action.

What do you think about JPMorgan’s fraudulent activities? Let us know in the comments section below.

The post JPMorgan Admits Fraud, Agrees to Billion Dollar Settlement for Illegal Trading appeared first on Bitcoin News.



source https://news.bitcoin.com/jpmorgan-fraud-billion-dollar-settlement/
Label:

Komentar

Posting Komentar

Postingan populer dari blog ini

Spanish Treasury Secretary Says Cryptocurrencies Carry a ‘Risk of Default’, Repeats Bank of Spain’s Lack of Regulation Rhetoric

The government of Spain continues to harden its stance against widely adopting cryptocurrencies. The Spanish Secretary of State for the Economy recently expressed her concerns on risks that she thinks cryptos possess for the national economy. Secretary Doesn’t Like Bitcoin as It Cannot Be ‘Supervised or Sanctioned’ During the Online Fintech Summit 2021 , Ana de la Cueva said that cryptocurrencies such as bitcoin ( BTC ) carry “a risk of default, given that the user does not have the protection offered by traditional payment systems against a default by the counterparty.” In fact, the Secretary blasted off on the lack of a “centralized guarantee system” in bitcoin. Interestingly, at the beginning of her speech, De La Cueva mentioned that the cryptocurrency’s technology is based on blockchain. However, she later pointed out that there is no standard “clarity” on the nature of bitcoin. The Secretary repeated the same rhetoric of Spanish state entities on crypto assets, saying that th...
Posting Komentar
Baca selengkapnya

Barry Silbert Resigns as Chairman of Grayscale Investments

Digital Currency Group (DCG) founder Barry Silbert has resigned from his position as the chairman of Grayscale Investments. Current DCG chief financial officer Mark Shifke succeeds Silbert and is joined by Edward McGee and Matthew Kummell as members of the new look board. Preparing for Grayscale’s Next Chapter Barry Silbert, the founder and CEO of Digital Currency Group, has resigned from his position as chairman of the digital asset management company Grayscale and will be replaced by Mark Shifke. According to the company’s filing with the Securities and Exchange Commission (SEC), starting Jan. 1, 2024, Grayscale’s board will be composed of Mark Shifke, Matthew Kummell, and Edward McGee. Current Grayscale Investments CEO Michael Sonnenshein is also a board member, while Mark Murphy, the president of Digital Currency Group (DCG), departs alongside Silbert. Commenting on the changes to the board, an unidentified Grayscale spokeswoman reportedly said: “Grayscale and our investors ...
Posting Komentar
Baca selengkapnya

48 US Lawmakers Ask SEC Chair Gensler to Clarify Whether ETH Is a Security — Warn of ‘Negative Repercussions’

Forty-eight U.S. lawmakers have sent a letter to U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler asking him to clarify whether ether is a security. “The negative repercussions of the SEC implicitly or directly classifying ETH as a digital asset security will cascade throughout the digital asset marketplace both in the short and long […] source https://news.bitcoin.com/48-us-lawmakers-ask-sec-chair-gensler-to-clarify-whether-eth-is-a-security-warn-of-negative-repercussions/
Posting Komentar
Baca selengkapnya