The SEC and DOJ Are Doing Damage Control for 5-Count Felon JPMorgan Chase

August 31, 2023

by Pam Martens and Russ Martens Wall Street on Parade

In much of the United States, if a person is convicted of a felony after conviction on two prior felonies, they receive a severe prison sentence. It’s known as the Three Strikes Law. But if you are the largest bank in the United States, charged by the U.S. Department of Justice with five felony counts since 2014, along with other major crimes for which you are given a non-prosecution agreement, not only do you not get harsher treatment for each new criminal act, but you actually get two federal law enforcement agencies doing damage control for you.

We’re talking about JPMorgan Chase and its cozy relationship with the Securities and Exchange Commission (SEC) and certain officials within the U.S. Department of Justice (DOJ).

Take, for example, what happened on June 22 of this year. The SEC issued a Cease-and-Desist order against the securities unit of JPMorgan Chase for permanently deleting 47 million emails, many of which were under subpoena or document requests from its regulators, including the SEC.