JPMorgan warned over energy market scheme

According to a confidential government document reviewed by The New York Times, a regulatory agency intends to recommend actions against JPMorgan related to the firm’s energy markets trading.

According to the reportedly 70-page secret document, the Federal Energy Regulatory Commission issued the warning to the bank over the alleged actions of Blythe Masters, a top executive. Masters is accused of knowing and approving of the “manipulative schemes” of a group of energy traders in Houston to turn “money-losing power plants into powerful profit centers,” according to the Times, and of later falsely denying such knowledge under oath.

Before charges against the bank can proceed, the five-member FERC commission must review and give its approval to the case against JP Morgan. The case could result in fines levied against the firm and Masters.

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