Aug 19 JPMorgan Chase & Co is being
investigated by the U.S. Department of Justice for possible
manipulation of energy markets following the company's
settlement of civil allegations last month with a separate
federal energy agency, the Wall Street Journal reported on
Monday, citing people familiar with the case.
The probe, which was said to be in early stages, is being
handled by U.S. Attorney Preet Bharara in Manhattan, the
newspaper said on its website. Bharara recently brought criminal
charges against two former JPMorgan traders for understating
losses from the bank's disastrous London Whale derivatives
trades last year.
The Justice Department began the probe of JPMorgan's energy
trades as the company agreed to pay $410 million to end an
enforcement action by the Federal Energy Regulatory Commission,
according to the report, which said the new probe is to include
some of the same issues. It is not known if the investigation is
civil or criminal, the newspaper said.
A JPMorgan spokesman declined to comment on the report. A
Justice Department spokeswoman in Washington had no immediate
Chief Executive Officer Jamie Dimon has publicly vowed to
resolve the company's regulatory issues.