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Market manipulation: JPMorgan to pay nearly $ 1 billion in fines

2020-09-24T05:14:55.053Z

The American justice accuses the bank of having manipulated the prices on the markets of metals and Treasury bills.



Bank JPMorgan Chase is preparing to pay nearly $ 1 billion to settle US lawsuits, which accuses it of manipulating prices in the metals and treasury bill markets, Bloomberg reported on Wednesday .

Read also: JP Morgan Chase risks criminal prosecution and massive fine

A final settlement could be announced within the week, the agency said, citing sources familiar with the matter.

Negotiations are still underway with the Department of Justice, as well as with the stock and commodity market gendarmes, the SEC and the CFTC.

JPMorgan Chase, requested by AFP, declined to comment.

But the bank has already warned in official documents that it is collaborating with investigations in the United States into its brokerage practices in the markets of metals and financial instruments like T-bills, and that it is in discussions with the authorities. to end it.

"

Spoofing

"

The Justice Department first made the lawsuits public in September 2019, accusing several of the bank's traders of manipulating the prices of precious metals for at least eight years.

The authorities then accused them mainly of having placed thousands of orders that they did not intend to complete, a practice called in English "

spoofing

".

They thus gave other market players a false picture of real supply and demand on the market.

Employees were also accused of having defrauded certain customers of the bank who had placed specific orders by fraudulently pushing prices one way or the other to allow the establishment to make money or avoid making money. lose some on these orders.

For similar practices of "

spoofing

" on gold and silver, for having lied to investigators and for non-compliance with the rules of compliance, the Canadian financial institution Scotiabank agreed to pay in August 127.4 million. dollars to US authorities.


Source: lefigaro

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