The New York-based global financial services firm JPMorgan Chase & Co. has entered into a deferred prosecution agreement with the Department of Justice in relation to charges related to two fraudulent schemes. As part of the resolution, monetary fines of over $920 million have been levied on JPMorgan.
One fraudulent scheme involved several instances of illegal trading in the markets for precious metals futures contracts. The other scheme involved illegal trading in the markets for US Treasury futures contracts.
While finalizing the penalties, the authorities took into account JPMorgan’s cooperation with the investigation. Moreover, JPMorgan readily took remedial action such as terminating the employees involved in the fraud, improving internal controls and devoting more resources to compliance.