JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets

News

JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets

01.10.2020 News

Right away three the U.S. agencies announced on Tuesday, Sept. 29, to reach the agreement with JPMorgan Chase for the end of the criminal prosecution of the bank in exchange for the payment of multimillion fines. In total, the company must pay the US government more than $ 920 million.

Statement from the Freight Exchange Commission (CFTC) said that the bank has been involved in the illegal manipulation of precious metals prices and the futures contracts of the Ministry of Finance for at least eight years, creating “thousands of orders” to buy / sell the above assets, which no one was going to perform. Such practice was banned in the United States in 2008, immediately after the onset of the global financial crisis. However, the US bank continued to use it for its own benefit said in a statement by the Commission. At the same time, the Securities and the Exchange Commission and the US Department of Justice announced the termination of the prosecution in exchange for a fine.

As the conclusion, JPMorgan Chase will pay the largest fine in CTFC history for the manipulations of this kind. Mentioned amount includes of $ 311.7 million in damages (also the largest fine), $ 172 million as the refund to the state of all proceeds from illegal agreements and $ 436.4 million fine to the civil lawsuits.

Other articles

  • Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
    News

    Visa and JPMorgan Chase are launching apps for contactless payment system for sellers

    On Tuesday, JPMorgan Chase announced the launch of its mobile payment service QuickAccept, and on Wednesday, Visa launched its application called Tap to Phone. The purpose of both programs is to offer sellers an easy way to accept contactless payments from customers via a smartphone or tablet. According to Visa, in the context of the […]

  • Fintech’s subsidiary Alibaba has aimed for the largest IPO in history
    News

    Fintech’s subsidiary Alibaba has aimed for the largest IPO in history

    A subsidiary of Alibaba Group – Ant Group – plans to attract $ 35 billion in the course on the Shanghai and the Hong Kong exchange. This was reported by Bloomberg. The IPO could be the largest in history, the agency emphasizes. The previous record holder, Saudi oil company Aramco, raised $ 29.4 billion. The […]

  • Shares of world banks is falling after the data leak
    News

    Shares of world banks is falling after the data leak

    Quotes of some international banks began to fall after the leakage of FinCEN files. This was reported by the publication Ukrainian Capital with reference to the auction data. The files contain information on suspicious transactions worth $ 2 trillion through the world’s largest banks. Shares of Deutsche Bank, which, according to FinCEN files, conducted transactions […]

  • JPMorgan Reports Quarterly Revenue Growth Because Of The Investment Unit Strength
    News

    JPMorgan Reports Quarterly Revenue Growth Because Of The Investment Unit Strength

    JPMorgan shares increased because of the announcement of financial results for the 2nd quarter ended on June 30. Since the beginning of the year, JPMorgan shares have lost almost 30% because the global COVID-19 pandemic has hit the global economy, and the US Federal Reserve has cut rates to zero greatly reducing the profitability of […]

Read also

JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

Foreign pharmaceutical company will invest $ 50 million in the construction of a plant in the Kiev region

Foreign pharmaceutical company Euro Pharma International is building a new pharmaceutical plant in Kiev Svyatoshinsky district, Kyiv region. The first phase of the project start is scheduled for autumn 2016. To date, the company estimates the volume of investments of $ 50 million. “I am very pleased that the foreign investors are interested in our […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

Netflix’s future growth will come from India and other major Asian markets

Shares of Netflix fell after the company released a quarterly report on October 20 with only 2.2 million new subscribers. At the same time, over the last week, stock growth has resumed and since the beginning of the year, the share price of Netflix has risen by 59%. The company’s management and analysts cited the […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

Google has invested in the Indonesian unicorn Tokopedia

IT giant Google and Singapore’s state-owned investment company Temasek have invested in Indonesia’s largest online store Tokopedia, writes Nikkei Asian Review. The amount of investments is not disclosed. In October, Bloomberg reported that Tokopedia was going to raise about $ 350 million from Google and Temasek. This is Google’s second investment in the Indonesian unicorn. […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

Uber stops developing a car without a driver

On Monday, December 7, Uber and startup Aurora Technologies announced an agreement under which Aurora will take over Uber’s Advanced Technologies Group, which has been developing self-governing cars. Under the terms of the agreement, Uber will receive $ 400 million, 26% of Aurora shares, and the general director of the taxi service, Dara Khosrowshahi, will […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

Investors lodged a class action complaint against Facebook

Recently, a federal court  of the USA  has received several class lawsuits where the world’s most popular social networking site Facebook is a defendant. The plaintiffs in the case are large investors of Facebook. The global network Facebook is accused by investors that it  has not notified them of the risks and concerns that relate […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

Ukrsotsbank and Alfa-Bank combine their assets

Alfa-Bank intends to consolidate its Ukrainian unit with Ukrsotsbank, said the Chairman of the Board of Directors Peter Aven.  “Association of Alfa-Bank and Ukrsotsbank can take years. Various options are possible for future transactions with UniCredit in Russia”, – Quotes Bloomberg agency his  statement to journalists in Kiev. According to Aven, “Alfa-Bank” is going to […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

Lamborghini has set the car sales record

In September 2020, the Italian company Lamborghini sold 738 cars worldwide. This is a new record for the company, according to its website. At the same time, in the third quarter of 2020, 2,083 Lamborghini cars were sold worldwide. In the spring of this year Lamborghini was forced to close all its plants for two […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

Huge corruption scandal in the biggest Brazilian investment bank BTG Pactual Group

Last week, on Wednesday, November 25, 2015 Andre Esteves, the founder of the Brazilian investment bank BTG Pactual, was taken into custody in the framework of an extensive investigation of bribery. It is known that large Brazilian construction firms are involved  into the scandal and another defendant is a state oil company Petroleo Brasileiro SA. […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

Milkiland enters the markets of the Middle East and China

After the closure of the Russian market, Milkiland  determined priority markets of the European Union, the Middle East and China. CEO of the company Anatoly Yurkevich said it in an interview with “Business.” “We see a very simple way out of this situation: work in the domestic market, beginning to develop and manufacture products for […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

Businesses will be reimbursed through lockdown again

President Volodymyr Zelenskyi submitted to the Verkhovna Rada a draft law on assistance to private individuals through lockdown. The press service of the parliament announced this on Wednesday, March 24. There is no text of the bill yet, but the document is defined as urgent. It was submitted to the leadership of the Council. In […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

Tesla shares rose nearly $ 50 billion a day

Shares of Tesla rose nearly 8%, or about $ 50 billion, during OTC trading on April 5. The jump in value occurred after the release of data on record deliveries of the company’s products. In particular, in the first quarter of 2021, Tesla delivered 184,800 cars worldwide, exceeding the forecast of 177,822 cars. In turn, […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

The transactions of the Delta Bank at 22 billion UAH declared as negligible

Deposit Insurance Fund (DIF) in the period of the interim administration and liquidation of insolvent Delta Bank recognized as negligible 175 deals worth 22.292 billion UAH. According to the  DIF, in particular, to 11 business transactions, including the sale of the assets with the discount, or related parties, transaction of 12.2 million UAH were recognized […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

Starbucks reported 40% drop in global sales

Shares of Starbucks have lost more than 15% since the beginning of the year, rose 5.7% after the publication of the results of the 3rd quarter, which ended on June 28, and forecasts for the 4th quarter and the whole of 2020. For Starbucks, as for the entire global restaurant market, the three months from […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

Elon Musk is the second in the list of richest people in the world

Founder of Tesla Inc. and SpaceX Elon Musk took second place in the list of the richest people in the world, ahead of Microsoft founder Bill Gates. This was reported by the Bloomberg Billionaires Index. Over the past 12 months, Mask’s fortune has grown by about $ 100 billion, according to Bloomberg estimates. According to […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

The first amount of payments on GDP warrants announced

On May 31, Ukraine will make payments for the first time on GDP warrants issued as part of public debt restructuring in 2015. This was reported by the press service of the Ministry of Finance. The first payment will be $ 40.75 million. Taking into account the total notional or nominal amount for which GDP […]

Next
JPMorgan could pay a record of $ 1 billion for the manipulating traders in the markets
News

SoftBank will sell British Arm Holdings to American Nvidia

In the following days, the Japanese telecommunications holding Softbank intends to sell the large British manufacturer of microprocessors Arm Holdings to one of the world`s leaders in the production of graphics processors, chipsets and software, the American company Nvidia. The deal will be approximately of $ 40 billion. According to the Financial Times, the deal […]

Next