Richard L. Cassin Publisher and Editor

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JP Morgan rap sheet is deep and wide

JP Morgan Chase reached a tentative deal with the DOJ this weekend to settle a slew of past transgressions for $13 billion.

No word yet if the FCPA investigation triggered by the bank's targeted hiring of princelings in China and elsewhere will be included in the settlement.

Meanwhile, here's JP Morgan's rap sheet for the past three years, courtesy of Kevin McCoy at USA Today:

October 2013: $100 million fine paid to the Commodity Futures Trading Commission for reckless conduct and market manipulation in the  2012 London whale trading debacle.

September 2013: $920 million paid to the Federal Reserve, Securities and Exchange Commission, Office of Comptroller of the Currency, and the United Kingdom's Financial Conduct Authority in the London whale case for oversight failures that resulted in $6 billion in losses.

September 2013: $389 million in fines and refunds for unfair billing practices, inaccurate credit reporting, and unfair collection practices.

July 2013: $410 million in penalties and repayments for market manipulation found by the Federal Energy Regulatory Commission in the California and Midwest electricity markets from 2010 to 2012.

January 2013 and February 2012: $1.8 billion for improper home foreclosures. JPMorgan also agreed to set aside $3.7 billion for financially troubled homeowners and roughly $540 million in refinancing funds, USA Today said.

November 2012: $296.9 million to settle SEC allegations for inaccurate reporting of mortgage delinquencies.

August 2012: $1.2 billion to settle a class-action lawsuit alleging price fixing on Visa and Mastercard credit and debit card fees.

April 2012: $20 million to settle Commodity Futures Trading Commission allegations of commingling bank and client funds in connection with credit extended to Lehman Brothers.

August 2011: $88.3 million in fines to settle allegations by the Treasury Department's Office of Foreign Assets Control that the bank improperly processed transactions involving Cuba, Iran, and Sudan.

July 2011: $228 million to resolve SEC allegations of 93 rigged bond transactions in 31 states.

June 2011: $153.6 million to resolve SEC charges of misleading investors about a collateralized debt obligation it marketed without disclosing positions against the obligation.

April 2011: $56 million to settle mortgage overcharges for about 6,000 active-duty service members.

June 2010: $48.6 million paid to the U.K. financial regulator to resolve allegations of commingling of bank and client funds in London.


Richard L. Cassin is the Publisher and Editor of the FCPA Blog. He can be contacted here.