They pay a fine, but rarely does anyone ever go to prison. JPMorgan to Pay $920 Million Fine for London Whale Debacle The financial giant JPMorgan Chase has agreed to pay $920 million in fines to U.S. and British regulators for the so-called "London Whale" trades that cost the bank more than $6 billion and derailed financial markets worldwide. A Senate probe earlier this year accused JPMorgan Chase of misleading the public, manipulating documents and ignoring warnings from within its own ranks as the losses piled up. The settlement resolves a civil case but a criminal investigation is still ongoing. In a statement, Democratic Sen. Carl Levin of Michigan, chair of the Senate Permanent Subcommittee on Investigations, said: "The whole issue of misinforming investors and the public is conspicuously absent from the SEC findings and settlement." In a separate case, JPMorgan has also agreed to pay $80 million in fines and return $309 million to customers for charging fees for a "credit protection" scheme even if people had not signed up.
Posted on: Mon, 23 Sep 2013 01:50:52 +0000
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