Wednesday, April 24, 2019

JP Morgan under FBI investigation

JP Morgan is under investigation for manipulating the price of silver

The NYPost reported on the 9th May 2010 that JP Morgan is under criminal and civil investigation by the federal authorities in regard to trading in the Precious Metals Markets.

The probes are far-ranging, with federal officials looking into JPMorgan's precious metals trades on the London Bullion Market Association's (LBMA) exchange, which is a physical delivery market, and the New York Mercantile Exchange (Nymex) for future paper derivative trades.

JPMorgan increased its silver derivative holdings by $6.76 billion, or about 220 million ounces, during the last three months of 2009, according to the Office of Comptroller of the Currency. Regulators are pulling trading tickets on JPMorgan's precious metals moves on all the exchanges as part of the probe, sources tell The Post.

The investigations, which are being conducted by the Commodities Futures Trade Commission and the Department of Justice’s Antitrust Division  handling the civil and criminal probe respectively, are, according to the Post sources, “far-ranging” with feds looking into JPMorgan’s precious metals trading activity on the London Bullion Market Association’s exchange, and the NYMEX for future paper derivative

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