LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of JP Morgan Chase & Co. (“JPMorgan” or the “Company”) (NYSE: JPM) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On November 6, 2018, the U.S. Department of Justice ("DOJ") announced in a press release that former JPMorgan precious metals trader John Edmonds had pled guilty to commodities fraud and spoofing conspiracy—i.e., placing larger orders with no intention of executing, thereby creating an artificial impression of high demand or supply of the commodity in question.
On August 20, 2019, the DOJ then announced that another JPMorgan employee, Christian Trunz, pled guilty to spoofing charges, admitting that he had learned to spoof from more senior traders and had engaged in spoofing with the knowledge and consent of his supervisors.
On September 23, 2020, Bloomberg reported that the Company was nearing a settlement to resolve the spoofing charges, stating that JPMorgan was "poised to pay close to $1 billion."
On this news, JPMorgan's stock price fell $2.04 per share, or 2.15%, to close at $92.74 per share on September 23, 2020.
On September 29, 2020, the Commodity Futures Trading Commission formally announced that it had ordered JPMorgan to pay $920 million to settle spoofing and market manipulation charges.
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If you purchased JPMorgan securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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