Tuesday, August 5, 2014

Another Settlement – JP Morgan Receives Slap On The Wrist Despite Years Of Fraudulent CFTC Data | Justice League

Another Settlement – JP Morgan Receives Slap On The Wrist Despite Years Of Fraudulent CFTC Data | Justice League


Moving along to today’s story, we learn that the CFTC will impose a meager $650,000 fine on JP Morgan, despite years of warnings about fraudulent data reports. The CFTC announced that:
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against J.P. Morgan Securities LLC (JPMS), a wholly-owned subsidiary of JPMorgan Chase & Co. and a CFTC-registered Futures Commission Merchant (FCM), for submitting inaccurate reports to the CFTC relating to the required reporting of positions held by certain large traders whose accounts are carried by JPMS. The reporting violations occurred despite the CFTC notifying JPMS of numerous errors in its reports. The CFTC Order requires JPMS to pay a $650,000 civil monetary penalty to address its unlawful conduct. The reports are known as the “large trader” reports and are used by the CFTC in order to evaluate potential market risks and monitor compliance with CFTC requirements.

No comments:

Post a Comment