{"id":5174,"date":"2011-05-19T00:00:00","date_gmt":"2011-05-19T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2011\/05\/securities_practices_of_jpmorg"},"modified":"2022-04-04T13:45:21","modified_gmt":"2022-04-04T18:45:21","slug":"securities-practices-of-jpmorg","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-practices-of-jpmorg\/","title":{"rendered":"Securities Practices of JPMorgan Chase & Goldman Sachs Under Investigation by Federal Investigators"},"content":{"rendered":"

Federal investigators are taking an even closer took at the securities-related practices of JPMorgan Chase & Co.<\/a> (JPM) and Goldman Sachs Group Inc. (GS ). In a May 6 Filing with the Securities and Exchange Commission, JPMorgan reported that an investigation into its municipal derivatives securities practices is being conducted by the SEC, the US Justice Department, the Office of the Comptroller of the Currency, the Internal Revenue Service, and a number of state attorneys general. The investment bank and Bear Stearns are under investigation for possible tax, antitrust, and securities-related violations related to \u201cthe sale or bidding of guaranteed investment contracts and derivatives to municipal issuers.” The SEC\u2019s Philadelphia office is recommending that the commission file civil charges against JPMorgan.<\/p>\n

Meantime, in its May 9 filing to the SEC Goldman Sachs revealed that the Commodity Futures Trading Commission is looking at the clearing-services practices that Goldman subsidiary Goldman Sachs Execution and Clearing LP provided to a broker-dealer. Goldman is also being investigated by the Justice Department over matters \u201csimilar\u201d to a European Commission probe into anti-competitive practices involving credit default swap transactions.<\/p>\n

Goldman\u2019s filing notes that CFTC staffers verbally notified GSEC that it will recommend that the commission bring charges related to supervision, aiding and abetting, and civil fraud over the financial firm providing a broker-dealer client with clearing services. The charges are being recommended because of allegations that GSEC knew or should have known that subaccounts belonged to the broker-dealer\u2019s customers and were not the client\u2019s \u201cproprietary accounts.\u201d<\/p>\n

Related Web Resources:<\/strong><\/p>\n

Wall Street inquiry expands beyond Goldman Sachs<\/a>, Los Angeles Times, May 14, 2011<\/p>\n

Office of the Comptroller of the Currency<\/a><\/p>\n

Commodity Futures Trading Commission <\/a><\/p>\n

More Blog Posts:<\/strong><\/p>\n

Motion for Class Certification in Lawsuit Against J.P. Morgan Securities Inc. Over Alleged Market Manipulation Scam Granted in Part by Court<\/a>, Stockbroker Fraud Blog, July 23, 2010<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Federal investigators are taking an even closer took at the securities-related practices of JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS ). In a May 6 Filing with the Securities and Exchange Commission, JPMorgan reported that an investigation into its municipal derivatives securities practices is being conducted by the SEC, the US […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3947,3958],"tags":[],"class_list":["post-5174","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-goldman-sachs","category-jp-morgan-chase"],"yoast_head":"\nSecurities Practices of JPMorgan Chase & Goldman Sachs Under Investigation by Federal Investigators — Investor Lawyers Blog — May 19, 2011<\/title>\n<meta name=\"description\" content=\"Federal investigators are taking an even closer took at the securities-related practices of JPMorgan Chase & Co. 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