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Pam and Russ Martens: JPMorgan Securities is fined $100 million for spoofing and high-frequency-trading violations

Section: Daily Dispatches

By Pam and Russ Martens
Wall Street on Parade
Tuesday, May 28, 2024

How does a Wall Street trading firm gain competitive advantage to entice spoofers and high-frequency trading firms to use its trading platforms instead of those of its competitors?

How about having its trading compliance personnel wear a blindfold as billions of trades occur over the span of eight or nine years?

... Dispatch continues below ...


First Majestic Mines Silver and Gold 
in Mexico and Operates Bullion Store

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company owns and operates the San Dimas silver and gold mine, the Santa Elena silver and gold mine, and the La Encantada silver mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold project in northeastern Nevada.

In 2024 these mines are projected to produce between 21.1 to 23.5 million silver-equivalent ounces, consisting of 8.6 to 9.6 million ounces of silver and 150,000 to 167,000 ounces of gold, with an all-in sustaining cost of $19.32 to $20.68 per payable silver-equivalent ounce.

For information about the company, visit:

In a practice unique to First Majestic, the company offers a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at the company's bullion store at some of lowest premiums available. 

In Q1 2024 First Majestic will also commence bullion production from its 100%-owned and operated minting facility, First Mint LLC, to manufacture its own exceptional silver bullion products catering to the growing demand for physical silver.

That is essentially what three of JPMorgan Chase's federal regulators have suggested is behind the $448 million in fines they have leveled against three units of the largest bank in the United States.

When JPMorgan Chase filed its quarterly report with the Securities and Exchange Commission on May 1, it sheepishly admitted that the $348 million it had already paid out to two of its regulators for trading violations was not the end of this saga. It said that it "expects to enter into a resolution with a third U.S. regulator that will require the firm to, among other things, pay a civil penalty of $100 million. ..."

Last Thursday, ahead of a long holiday weekend, that third regulator, the Commodity Futures Trading Commission, released its statement and imposed a fine of $200 million -- which magically became $100 million by giving this five-count felon bank a $100 million credit for settling with the two other regulators. (If that makes zero sense to you, welcome to the Kafkaesque world of Wall Street and regulatory capture.) ...

... For the remainder of the commentary:

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