Chat with us, powered by LiveChat
Notice: Markets are extremely volatile and volume is very high. Thank you for your patience with shipping delays.

Free Shipping!

Menu

JPMorgan Has Another Impending Fine Due To Internal Deficiencies

JPMorgan Penalty
Print Friendly, PDF & Email

EDITOR NOTE: After agreeing to pay a record-setting penalty of $920 million for market manipulation, JPMorgan warns that it may be facing yet another steep penalty, this time over “internal controls” affecting their wealth management division and other areas. Wealth management is an operation that directly impacts client funds. Overall, can we get more specificity? JPM declines to comment. And it makes us wonder what other alleged crimes the bank might have committed using other people’s money. If they were willing to manipulate markets for years before getting caught, what else might JPM (and other banks as well) be willing to do to profit at the expense of the customers they’re supposed to be serving? We have had several occurrences where clients are unable to wire money to our company because the teller tells the customer, "You shouldn't buy physical gold", or "Gold is a scam!" Well, do you trust a Bank involved in scandal after scandal with a Texas Ratio Score of a C+?

JPMorgan Chase said that just weeks after paying a record penalty it is facing another potential fine, this time over internal controls in wealth management and other areas.

The bank disclosed the impending action late Monday in a filing, saying that one of its regulators told the New York-based company that it faced action “related to historical deficiencies in internal controls and internal audit over certain advisory and other activities.”

JPMorgan, the biggest U.S. bank by assets, said that it had already improved its controls tied to the proposed penalty and is in ongoing discussions with the regulator, which it did not name. The firm’s asset and wealth management business is one of its four main divisions and has $2.6 trillion in assets under management.

Trish Wexler, a spokeswoman for the bank, declined to comment.

In late September, JPMorgan agreed to pay $920 million to settle investigations from three federal agencies over its role in the manipulation of global markets for metals and U.S. Treasurys. That was a record fine for spoofing, which is when sophisticated traders flood markets with orders they don’t execute to move prices in their favor.

In that case, the bank entered into a deferred prosecution agreement with the Department of Justice that will expire in three years if the firm satisfies its obligations under the deal.

Originally posted on CNBC

IRA-guide

GET YOUR FREE PRECIOUS
METALS IRA GUIDE

  • This field is for validation purposes and should be left unchanged.

All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

Precious Metals Data, Currency Data , Precious Metals Automated Product Pricing Powered by nFusion Solutions