Information released by JPMorgan could push U.S. regulators to take a closer looks at the main traders involved with a bet that has cost the bank nearly $6 billion to date. In releasing the information, JPMorgan stated that emails and voice recording were “suggestive of trader intent” to misstate the value of securities and hide their losses. Mismarking the value of the securities could open a case against the bank as it resulted in the bank filing false information. The traders could face charges from the S.E.C. and civil and criminal charges for fraud if false information was provided. Prosecutors can try to persuade one of the traders to plead guilty and cooperate. Recent insider trading cases have shown the first person cut a deal gets a better bargain than those who fight charges.
JPMorgan’s fiasco presents new avenues to investigate (New York Times)
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