JPMorgan executives won't be charged in securities sale probes: WSJ
November 12, 2012 9:21 PM EST
The Securities and Exchange Commission (SEC) does not intend to charge any JPMorgan Chase & Co executives in two investigations relating to the allegedly fraudulent sale of mortgage-backed securities, the Wall Street Journal reported.
Last week, JPMorgan said it reached an agreement in principle with the SEC to resolve the probes.
The bank will pay a penalty under the settlement, according to the WSJ, citing people close to the probes. The payment is expected to be less than the $550 million paid by Goldman Sachs Group Inc in 2010 to settle claims by the SEC that it misled investors in a type of mortgage bond deal, the WSJ said.
Goldman did not admit or deny any wrongdoing. JPMorgan is expected to do the same, the paper said, citing the people whom the WSJ did not identify. (http://link.reuters.com/byw83t)
One of the cases is related to disclosures by the bank of delinquencies involving one mortgage-backed securitization. The other case is over multiple securitizations done by Bear Stearns, the failed investment bank that JPMorgan took over in March 2008 during the financial crisis.
A JPMorgan spokesman declined to comment, the WSJ said.
JPMorgan, with $2.32 trillion in assets, is the largest U.S.-based bank. It could not immediately be reached for comment by Reuters.
(Reporting by Sakthi Prasad; Editing by Ryan Woo)
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