Daily News: August 15, 2013

Bloomberg: JPMorgan Said to Expect Multiple Whale Loss Fines


Bloomberg reported that JPMorgan Chase expects to be fined by authorities in the U.S. and U.K. over last year’s $6.2 billion trading loss, which led to criminal charges against two former employees, citing a person familiar with the matter.

The article said the Securities and Exchange Commission signaled in a recent complaint that the bank will be held accountable for providing inaccurate information to investors after the two men “fraudulently” mismarked their trades to conceal losses. Bloomberg said the bank also expects to be fined by the Department of Justice, the Commodity Futures Trading Commission and the UK’s Financial Conduct Authority.

To read the entire Bloomberg story, click here.