Home Breadcrumb caret Industry News Breadcrumb caret Industry JPMorgan facing fine for energy manipulation JPMorgan could be fined $500 million by U.S. energy market regulators after they accused the bank of manipulating energy prices, reports the New York Times. By Staff | July 18, 2013 | Last updated on July 18, 2013 1 min read JPMorgan could be fined at least $500 million by U.S. energy market regulators after they accused the bank of manipulating energy prices, reports the New York Times. The U.S. Federal Energy Regulatory Commission has found JPMorgan devised “manipulative schemes” that transformed “money-losing power plants into powerful profit centers,” the Times reports. The NYT also gained access to a confidential U.S. government document that allegedly reveals illegal trading on California and Michigan electricity markets. The same document accuses the most senior executives at JP of “false and misleading statements.” The bank has denied all wrongdoing. Read the full story here. Also read: 25 arrested in $8-million fraud investigation 13 accounting red flags Industry clashes over postponed no-contest settlements Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo