which resolves investigations by the Justice Department, Commodity Futures Trading Commission and the Securities and Exchange Commission .
As part of the deal, the bank will admit to wrongdoing and pay a record fine of $920 million, according to aThe fine is the largest ever imposed on a bank for spoofing, a type of market manipulation where traders flood markets with orders they don’t actually execute with the intention of creating an illusion of demand.
The practice was banned in 2008 after the financial crisis, and in recent years federal regulators haveagainst JPMorgan were 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,” according to the CFTC.
The order finds that JPMorgan’s illegal trading “significantly benefited” the bank while it “harmed other market participants.”that he opposed his agency’s ruling that JPMorgan’s actions “should not result in any disqualifications under the ‘bad actor’ provisions of the securities laws.
. “The Commission’s Order finds that JPMorgan manipulated these markets and failed to diligently supervise its traders.”CFTC Chairman Heath Tarbert. “This record-setting enforcement action demonstrates the CFTC’s commitment to being tough on those who intentionally break our rules, no matter who they are. Attempts to manipulate our markets won’t be tolerated.
The rich steal more than the poor
To be a white collar criminal eh 🤔
A bunch of wackos, I agree, these men and women are making the American free enterprise systems to be likes bunch of morons, cowards and traders!! Not good for the American reputations!
Make Billions cheating but instead of having to pay the money earned back, you pay a fraction of it. THATS THE AMERICAN WAY! Good thing Trump rolled back the Wall Street Protections that were in place to STOP THINGS LIKE THIS.
😂 they’ll collect that in fees from customers the same day it’s paid. If it’s paid at all. How do the public know ewarren
Wow ! That’s very impressive!
What about that 20 tons of booger sugar?
$920 million... of whose money? Are the executives who perpetrated this scam actually losing anything?
Criminals in suits.
If I did this, I will be in jail
I AM JESUS CHRIST AND I DO NOT SUPPORT RACISM !! DONALD TRUMP IS THE DEVIL, TRUMP IS THE OLD SERPENT 'THE DRAGON'. I WILL DEFEND AFRO-AMERICANS !! I CAME TO KICK THE SNAKE'S HEAD. WHO VOTES IN ('TRUMP DEVIL') GOES TO HELL. APOCALYPSE of the 'Revelation of the Bible.....
Not 1 arrest unreal
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