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August 10, 2022

The Criminal Conviction of Two JPMorgan Chase Officers Could Be a Gamechanger Signaling the Beginning of the End to the Wall Street Crime Spree

WASHINGTON, D.C.— Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement on the jury verdict convicting two JPMorgan Chase officers of criminal conduct:

“Today’s jury verdict convicting two officers of JPMorgan Chase for crimes in manipulating the precious metals markets should signal to Wall Street’s biggest financial firms and executives that they are not above the law.  We applaud the Department of Justice for bringing this case and for charging these individuals with serious crimes, including racketeering charges under RICO.

Fraud,’ ‘manipulation,’ and ‘racketeering’ are just fancy words for lying, cheating, and stealing.  Like everyone on Main Street, those who do it on Wall Street should be charged and, if convicted, go to prison even if they wear a suit and tie and work at JPMorgan Chase.  In fact, this case proves that you don’t have to be in the mafia like Al Capone to get charged for running an illegal racketeering enterprise.  You can be a white-collar officer at JPMorgan Chase, make millions of dollars a year, drive fancy cars, live in mansions, fly private jets, and be toasted as a master of the universe, all before being tried for breaking the law.

“Unfortunately, for too long that hasn’t been the case.  The crime spree has only gotten worse as Wall Streeters have repeatedly and brazenly broken the law for decades with few if any consequences, as detailed in these reports.  Hopefully, this case signals DOJ’s willingness to take on Wall Street’s biggest banks and executives, even though the risk of loss is often high because financial criminal cases are complicated, technical, and difficult to prove.  If they do, then this could be a gamechanger that really reintroduces the rule of law to Wall Street and ends the double standard of justice that has operated in the US for far too long.”

For additional background, see Better Markets’ July 5, 2022 Memo: Potential Gamechanger: DOJ Criminal Trial of Four JPMorgan Officers Starting July 7, 2022

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.

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