American banking JPMorgan Chase accepted to pay a fine of more than $ 920 million after admitting responsibility for market manipulation found by federal investigations in trading future precious metals and government bonds issued by the US Treasury. According to what emerged from the agreement, between 2009 and 2016 some employees of JPMorgan Chase placed on the market a large number of negotiation proposals not linked to subsequent transactions, with the sole purpose of orienting negotiations: a manipulation designed to create the illusion of demand or lack of demand.
JPMorgan Chase will pay approximately $ 436 million in fines, $ 311 million in repairs and over $ 172 million in compensation in the largest deal imposed by Washington’s Commodity Futures Trading Commission (CFTC). Daniel Pinto, co-president of the bank, commented saying: “The conduct of the people referred to was unacceptable, they are no longer part of the group.”
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