Truth Frequency Radio
Oct 21, 2013

jamie-dimon-eric-holder-department-of-justice-jp-morgan-banking-mortgage-scandal-criminal-charges-truth-frequency-radio-chris-geo-sheree-geo-alternative-media-news-informationBusiness Insider

Multiple outlets are reporting JP Morgan will pay a $13 billion civil penalty for allegedly failing to warn investors about risks in mortgage backed securities trades.

It would be the largest civil penalty ever levied, representing more than half of the bank’s 2012 profits.

But it may still not be enough to shield it from the Justice Department’s Sacramento-based prosecutors.

The New York Times’ Andrew Ross Sorkin reported yesterday the Eastern District of California division wants to continue to pursue criminal charges:

“While the deal would put those civil cases to rest, it would not save JPMorgan from a parallel criminal inquiry from federal prosecutors in California, the people briefed on the talks said.

“Under the terms of the preliminary deal, the people said, the bank would also have to assist prosecutors with an investigation into former employees who helped create the mortgage investments.”