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Pam and Russ Martens: JPMorgan says its 'trading venues' are under investigation
By Pam and Russ Martens
Wall Street on Parade
Tuesday, February 20, 2024
Last Friday, ahead of a three-day weekend when bad news could be expected to evaporate into the ether by the next news cycle, JPMorgan Chase dropped a bombshell in its 10-K (annual report) filing with the Securities and Exchange Commission.
The bank, which has admitted to an unprecedented five criminal felony counts since 2014, said its "trading venues" were under investigation by three unnamed regulatory bodies.
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This is a very serious matter for this particular bank because three of its prior felony counts involved rigging markets. The bank admitted to rigging foreign exchange markets in 2015 and to rigging, for more than eight years, the precious metals and U.S. Treasury markets in an agreement with the U.S. Department of Justice in September 2020.
Two of the precious metals traders involved in the 2020 case, Gregg Smith and Michael Nowak, are sitting in federal prison today in Otisville, New York. ...
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