U.S. Regulators order JPMorgan to pay $920M for manipulating precious metals, Treasury securities markets

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JPMorgan Chase & Co. (NYSE: JPM) and its subsidiaries agreed to the order of U.S. regulators requiring it to pay a total of $920 million to resolve charges that its traders practiced spoofing to manipulate the precious metals and Treasury securities markets.

The U.S. Department of Justice (DOJ), the Commodity Futures Trading Commission (CFTC), and the Securities Exchange Commission (SEC) conducted parallel investigations against JPMorgan and subsidiaries regarding its alleged manipulative trading practices.

On Tuesday, the three regulators announced that the multinational investment bank and financial services holding company entered into separate agreements to settle their allegations.

JPMorgan entered into a deferred prosecution agreement with the DOJ

According to the Justice Department, JPMorgan entered into a deferred prosecution agreement (DPA) in connection with the criminal information filed against it in the District of Connecticut,

In the criminal information, the DOJ charged the investment bank and financial services holding company with two counts of wire fraud—the first involving tens of thousands of instances of illegal trading on precious metals futures contracts and the second involving thousands of episodes of illegal trading of U.S. Treasury futures contracts and in the secondary market for U.S. Treasury bonds and notes.