(RTTNews) – JPMorgan Chase & Co (JPM) agreed to pay a total of $920 million in penalty to settle U.S. investigations into the company’s alleged manipulation of metal and treasuries markets.
The settlement resolves investigations from the U.S. Justice Department, the Commodity Futures Trading Commission and the Securities and Exchange Commission.
The U.S. regulatory authorities investigated the firm for unfairly manipulating or “spoofing” the precious metals market.
The charges against JPMorgan and its subsidiaries were for “manipulative and deceptive conduct and spoofing that spanned at least eight years and involved hundreds of thousands of spoof orders in precious metals and U.S. Treasury futures contracts.”
“The conduct of the individuals referenced in today’s resolutions is unacceptable and they are no longer with the firm,” said Daniel Pinto, co-President of JPMorgan Chase and CEO of the Corporate & Investment Bank.
J.P. Morgan Securities admitted the findings in the SEC’s order, and agreed