Call it what you want. It’s still Fraud!

JPMorgan Chase (JPM, -1.2%) will pay a record fine of $920M and admits wrongdoing in a settlement over market manipulation of metals futures and Treasury securities over eight years.

In the biggest penalty over the practice known as spoofing, the bank will pay a $436.4M fine, $311.7M in restitution and more than $172M in disgorgement, according to the CFTC.

Spoofing usually entails flooding derivatives markets with orders that the traders don’t intend to execute to deceive others into moving prices in a desired direction.

In the financial crash of 2008, my 5-figure money market savings account lost 54% of its value. The “expert” charged with managing that fund was fired. That wasn’t sufficient for me to continue doing business with the upper/mid-level firm I had trusted with my retirement account.

I don’t pay lots of attention to the financial industry’s movers and shakers; but, JP Morgan certainly has had a hefty enough reputation that I would have nodded assent to any friend who was thinking of sinking their savings into one of their investment products.

Now, they’re just another critter slouching in that line of trolls ready to take your hard-earned income and return a piece of the action back to you…no matter how they go about working at the increase. When crooked becomes one of the methods, we already get enough of that from Congress…who Mark Twain called “America’s only native criminal class.”

2 thoughts on “Call it what you want. It’s still Fraud!

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