JPMorgan to pay $1 Billion Penalty for Spoofing

24 September 2020

    JPMorgan is set to pay nearly $1 billion penalty to resolve market manipulation investigations by US authorities. The penalty would result in an end to regulation issues the company has been facing for several years now, as six JPMorgan traders have been charged with spoofing - manipulating futures between 2008 and 2016.

     

    The Justice Department has taken aim at the practice in recent years, using data analysis tools to spot potential fraud that it could not previously detect. Reuters has reported that the agency has recently begun using techniques it originally developed to spot healthcare schemes to identify suspicious trading patterns.

     

    JPMorgan shares fell about 1.6% on Wednesday, less than the declines by other major banks, so it appears investors may be looking forward to JPMorgan’s future, finally free of the regulatory shadow.


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