JPMorgan faces securities probe
Print Edition
JPMorgan is facing a federal criminal probe by the United States Department of Justice relating to mortgage-backed securities sold by the bank and its subsidiaries in the run-up to the financial crisis.
The New York-based bank said it is responding to parallel investigations being carried out by the Civil and Criminal Division of the US Attorney’s office for the Eastern District of California.
JPMorgan said it received notice in May that the office’s civil division had concluded that the bank had violated certain federal securities laws in connection with the sale of mortgage-backed securities. The probes relate to securities backed by subprime mortgages and so-called Alt-A mortgages, loans that are less risky than subprime loans, but riskier than prime loans.
JPMorgan made the disclosure in a quarterly regulatory filing late on Wednesday. It came a day after the US government accused Bank of America Corp of civil fraud, saying the company failed to disclose risks and misled investors in its sale of US$850 million of mortgage bonds during 2008.
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