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September 29, 2020

Posted  September 29, 2020

JPMorgan Chase & Co. has agreed to pay $920 million to the CFTC and $35 million to the SEC, as well as enter into a three-year deferred prosecution agreement with the DOJ, in order to resolve charges of fraudulently engaging in unlawful trading in both the precious metals and U.S. Treasury futures contracts.  Between at least 2008 through 2016, numerous traders in JPMorgan’s New York, London, and Singapore offices—including the heads of both the precious metals and Treasuries sections—placed hundreds of thousands of spoof orders to artificially drive up supply and demand, ultimately succeeding in manipulating market prices.  Additionally, JPMorgan failed to identify, investigate, and stop the misconduct; JPMorgan also initially responded to government requests in a manner that was misleading.  The penalties imposed by the CFTC—which includes the highest restitution ($311.7 million), disgorgement ($172 million), and civil monetary penalty ($436.4 million) —amount to the highest monetary relief ever imposed by the CFTC in a spoofing case.  CFTC; SEC; USAO CT

Tagged in: Criminal Proceedings, Financial Institution Fraud, Fraud in CFTC-Regulated Markets,

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