The New York-based broker-dealer, investment adviser, and a wholly-owned subsidiary of JPMorgan consented to the SEC Order requiring it to pay a total of $35 million including disgorgement of $10 million and a civil penalty of $25 million.
“Today’s resolution — which includes a significant criminal monetary penalty, compensation for victims, and requires JP Morgan to disgorge its unlawful gains — reflects the nature and seriousness of the bank’s offenses and represents a milestone in the department’s ongoing efforts to ensure the integrity of public markets critical to our financial system.”
JPMorgan and its subsidiaries settle with CFTC over its alleged massive spoofing
According to the CFTC, JPMorgan, JPMorgan Chase Bank, and J.P. Morgan Securities agreed to pay monetary relief to resolve its allegations against the companies.
The CFTC alleged that JPMorgan and its subsidiaries engaged in deceptive conduct and massive spoofing to manipulate the precious metals and Treasury securities markets to obtain unlawful profits.
