Jp Morgan Chase Case

Corporate crime has occurred quite frequently in the past few decades. It seems that every large corporation has skeletons in their closet, more so than others. With many major corporate officials constantly standing against trial, it seems that high profile industries cannot be trusted by the public. This also applies to our very own trusted banks. JP Morgan Chase a trusted financial institution has included itself on the list of corporate crimes. These crimes include but are not limited to rigging bids for personal investments, home insurance fraud, and overcharging the military veterans. As a result, Chase illegally pocketed millions of dollars from taking advantage of their clients. What makes this case very intriguing is that Chase is one of the top banks in America. Their clients put great trust in them to protect their life savings and come to find out they trusted crooks with their finances. The first crime started between the years of 1997 and 2006. According to New York Times (p. 7). Chase “cheated governments in 31 states by rigging the bidding process for reinvesting the proceeds of dozens of municipal bond transactions.” Furthermore, Chase had 11 different bidding agents to assist them
Steffelin who was the companies advisor that was charged with civil securities fraud in the case (Blois, 2013). Furthermore, the rest of the Chase executives turn their backs and appealed they had no knowledge of the event ever occurring and that they do not tolerate illegal activity (Blois, 2013). Around the January time frame, JP Morgan was accused of engaging in home insurance fraud along with several other major banks. According to Patton (2014), JP was suspected of persuading, distraught homeowners into insurance policies that were up to 10 times as costly as the clients had originally agreed upon. Patton also mentioned, there seemed to be a conflict of interest within these financial