Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, April 15, 2008

SEC Charges Defendants with Defrauding JP Morgan Chase Through Sham Finder Fees

On April 15, 2008, the SEC filed a civil injunctive action in the United States District Court for the Eastern District of New York charging 6 defendants with engaging in a scheme to defraud JP Morgan Chase Bank (Chase)through the payment of sham "finder" fees in connection with a series of "stock loan" transactions. The defendants include a former stock loan trader employed at Chase, three so-called "finders" with whom he schemed and the two entities through which they perpetrated the fraud. The SEC alleges that the defendants conspired to misappropriate Chase's lending profits on a series of April 2003 stock loans made by Chase to Dresdner Kleinwort Wasserstein Securities LLC ("DKW"), and in doing so pocketed $1.2 million from their unlawful scheme.

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