jpmorgan-watch

Contribute Information

Bid Rigging - Municipal Investments

SEC v. J.P. Morgan Securities, Inc., 2:11-cv-03877 (D.N.J.)

SEC action alleging fraud, violation of US Securities laws in connection with bid-rigging for municipal investments.


SEC alleged that “JPMS improperly won bids by entering into secret arrangements with bidding agents to get an illegal 'last look' at competitors’ bids."


Jefferson County (Alabama) accused JPMorgan of paying bribes to county officials in exchange for an appointment as lead underwriter for highly risky refinancing of the county's sewer debt, which caused Jefferson County billions of dollars in losses. According to the complaint, JPMorgan, JPMorgan Chase and underwriting firm Blount Parrish & Co. handed out bribes, kickbacks and payoffs to swindle the county out of millions in inflated More...