JPMorgan Officially Apologizes For Being A Criminal Market Manipulator

• JPMorgan Officially Apologizes For Being A Criminal Market Manipulator
  by Tyler Durden, www.zerohedge.com  
  Presented with little comment, aside to ask – how many ‘people’ went to jail for this? Via JPMorgan,
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  MAY 20, 2015 DISCLOSURE NOTICE
  The purpose of this notice is to disclose certain practices of JPMorgan Chase & Co. and its affiliates(together, “JPMorgan Chase” or the “Firm”) when it acted as a dealer, on a principal basis, in the spot foreign exchange (“FX”) markets. We want to ensure that there are no ambiguities or misunderstandings regarding those practices.
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  To begin, conduct by certain individuals has fallen short of the Firm’s expectations. The conduct underlying the criminal antitrust charge by the Department of Justice is unacceptable. Moreover, as described in our November 2014 settlement with the U.K. Financial Conduct Authority relating to our spot FX business, in certain instances during the period 2008 to 2013, certain employees intentionally disclosed information relating to the identity of clients or the nature of clients’ activities to third parties in order to generate revenue for the Firm. This also was contrary to the Firm’s policies, unacceptable, and wrong. The Firm does not tolerate such conduct and already has committed significant resources in strengthening its controls surrounding our FX business.
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  The Firm has engaged in other practices on occasion, including:
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  * We added markup to price quotes using hand signals and/or other internal arrangements or communications.
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  read more.

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