Hagens Berman Blog

Whistleblower News: JP Morgan, Commodities Fraud, Spoofing

by HB Whistleblower Legal Team

11/07/2018

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Goldman's Solomon Says 1MDB Scandal Was 'Distressing'

Goldman Sachs Group Inc. Chief Executive Officer David Solomon said he felt “horrible” about the role former bank employees played in the scandal surrounding Malaysia’s 1MDB fund. read more »

Former JP Morgan trader pleads guilty to manipulating US metals markets for years

An ex-J.P. Morgan Chase trader has admitted to manipulating the U.S. markets of an array of precious metals for about seven years -- and he has implicated his supervisors at the bank.

John Edmonds, 36, pleaded guilty to one count of commodities fraud and one count each of conspiracy to commit wire fraud, price manipulation and spoofing, according to a Tuesday release from the U.S. Department of Justice. read more »

Two Traders Plead Guilty to $60 Million Commodities Fraud and Spoofing Conspiracy

Two former commodities traders of a New York, New York-based financial services firm have pleaded guilty for their participation in a $60 million commodities fraud and spoofing conspiracy that was perpetrated through the U.S. commodities markets.  One of the traders also pleaded guilty for his participation in a second commodities fraud and spoofing conspiracy at another financial services firm based in Chicago, Illinois. read more »

Wells Fargo admits it incorrectly foreclosed on 545 homeowners it should have helped

Wells Fargo acknowledged Tuesday that, because of a calculation error, it had improperly foreclosed on 545 distressed homeowners after they asked for help with their mortgages.

Overall, 870 homeowners were denied help for which they qualified — with more than half losing their homes afterward, Wells Fargo said.

The acknowledgment is sure to increase pressure on the San Francisco-based bank, which has been struggling to repair its image after a series of missteps. It has already paid more than $1 billion in fines to various regulators for opening up sham accounts people did not want and improperly repossessing thousands of cars. read more »

UK court lifts anonymity for woman who spent £16 million at Harrods in unexplained wealth case

A woman whose husband is a jailed state banker in Azerbaijan has lost a court fight to avoid being named as she seeks to explain how she paid for two properties worth £22 million ($29 million) in total, Britain's Press Association reported Wednesday.

Zamira Hajiyeva, who is the subject of the first two unexplained wealth orders obtained by the UK National Crime Agency (NCA), also spent more than £16 million over a decade at luxury department store Harrods

The unexplained wealth order is a new power given to law enforcement agencies this year to tackle suspected corruption. According to the government, it requires "a person who is reasonably suspected of involvement in, or of being connected to a person involved in, serious crime" to explain how their property was obtained, if their lawful income appears to be insufficient to afford it. read more »