Do the numbers lie?!
JPMorgan Chase to pay $920 million to settle trading misconduct allegations
New York (CNN Business)JPMorgan Chase, the largest bank in the United States, agreed Tuesday to pay a record $920 million to settle charges that it engaged in manipulative trades of futures tied to precious metals and Treasury bonds.
The Commodity Futures Trading Commission said in a statement that JPMorgan Chase (JPM)was involved in "deceptive conduct" over a period of at least eight years that included hundreds of thousands of so-called spoof trades -- orders that were placed and quickly canceled because they were never intended to be executed --- designed to fool investors.
Spoofing can manipulate markets by indicating false demand for an asset. The practice can raise or lower prices of assets, depending on what the spoofer desires.
"This action sends the important message that if you engage in manipulative and deceptive trade practices you will be caught, punished, and forced to give up your ill-gotten gains," said CTFC Division of Enforcement Director James McDonald in the statement.
JPMorgan Chase to pay $920 million to settle trading misconduct allegations - CNN
