JPMorgan Fined US$900 Million For Financial Misconduct
(30 September 2020 – United States) The world’s largest investment bank, JP Morgan Chase & Co, has been fined US$920 million by the United States’ (US) authorities because of market manipulation in the bank’s trading of metals, futures and treasury securities.
The bank will pay the largest monetary fine ever imposed by the Commodity Futures Trading Commission (CFTC), which will be broken down into three components – penalty fine, restitution and disgorgement.
These allegations span across an eight-year backlog of continuously manipulation to the price of gold and silver futures. More than half a dozen employees are under investigation for their involvement.
“Continuous violations of financial law will only increase regulatory scrutiny for the banking industry market-wide” commented East & Partners Europe Market Analyst, Pierre Sokoya.