NEW YORK - JPMorgan Chase & Co admitted wrongdoing and agreed to pay more than US$920 million to resolve US authorities' claims of market manipulation involving two of the bank's trading desks, the largest sanction ever tied to the illegal practice known as spoofing.
Members of that group openly discussed their illegal strategies via chats, with one trader writing on six occasions that he was"spoofing" the market, according to the government's statement of facts. Another Treasuries trader, in a November 2012 chat, described his success in moving the market by tricking high-frequency traders:"a little razzle dazzle to juke the algos..."
"For nearly a decade, a significant number of JPMorgan traders and sales personnel openly disregarded US laws that serve to protect against illegal activity in the marketplace," said Assistant Director in Charge William F. Sweeney Jr. of the FBI's New York Field Office. Under the settlement, the bank is required to cooperate with the government's ongoing investigations and prosecutions. That includes making current and former employees available for interviews or testimony.
According to people familiar with the matter, those funds were Moore Capital Management and Tudor Investment Corp. They declined to comment through spokesmen. More than two dozen individuals and firms have been sanctioned by the Justice Department or the CFTC, including day traders operating out of their bedrooms, sophisticated high-frequency trading shops and big banks such as Bank of America Corp. and Deutsche Bank AG.
This is the criminal organization that taxpayers bailed out several years ago.
After all the misdeeds no one seems convinced how little integrity there is left with this entity. 🤷🏻♂️
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