In the Matter of JPMorgan Chase Bank, N.A., CFTC Docket No. 14-01. On October 16, 2013, the CFTC announced it issued a settled Order against JPMorgan Chase Bank, N.A. (“JPMorgan”) in connection with the trading of certain credit default swaps (“CDS”). According to the Order, by selling a large volume of these swaps, JPMorgan recklessly disregarded concept that prices are established based on legitimate forces of supply and demand. As a result, the CFTC has found the Bank liable for violating Section 6(c)(1) of the Commodity Exchange Act (the “Act”), 7 U.S.C. §9 (2012), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”), and Commission Regulation 180.1, 17 C.F.R. §180.1 (2012). As part of the settlement, JPMorgan admitted the Order’s factual findings that its traders acted recklessly and has agreed to pay a $100 million civil monetary penalty.
- SEC Charges Microsoft Manager Brian Jorgenson and his Friend Sean Stokke with Insider Trading
- SEC Obtains Emergency Relief against Robert Helms and Janniece Kaelin in Alleged Ponzi Scheme
- SEC Charges Fifth Third Bancorp and its Former CFO Daniel Poston with Fraud for Accounting Practices during the Financial Crisis
- SEC Settles Insider Trading Case against Charles Langston III
- SEC Settles Penny Stock Case Against Curt Kramer for $1.4 Million
Other BraunHagey Blogs