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Market Alert: JPMorgan Will Pay $1 Billion in Spoofing Penalty

Spoofing
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EDITOR NOTE: Guilty as charged, and now JPMorgan is hit with a record-setting penalty of $1 billion--an amount equal to 21% of its quarterly net income. Considering the income “earned” through their years of market manipulation, it makes you wonder what the real cost is for this common-practice crime. In this video, I examine the possibility of this being the last dip before a meteoric rise in both Gold and Silver! With the DOJ, CFTC, and SEC all watching Chase and Deutsche Bank like a hawk until the end of this quarter, precious metals may begin to show their actual values. Currently, we are printing $30,000 per ounce for Gold and $3,900 per ounce for silver! As the IMF meets this October to recalibrate the global SDR basket, potentially demoting the Dollar on the international stage - ANYTHING is possible! Watch my video breakdown by clicking the link below and buy this dip.

 

JPMorgan Chase & Co. is poised to pay close to $1 billion to resolve market manipulation investigations by U.S. authorities into its trading of metals futures and Treasury securities, according to three people with knowledge of the matter.

The potential record for a settlement involving alleged spoofing could be announced as soon as this week, said the people who asked not to be named because the details haven't yet been finalized.

The accord would end probes by the Justice Department, the Commodity Futures Trading Commission and the Securities and Exchange Commission into whether traders on JPMorgan's precious metals and treasuries desks rigged markets, two of the people said.

A penalty approaching $1 billion would far exceed previous spoofing-related fines. It would also be on par with sanctions in many prior manipulation cases, including some brought several years ago against banks for allegedly rigging benchmark interest rates and foreign exchange markets

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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.

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