JP Morgan exposed for money laundering

The largest bank in the Unites States JP Morgan faces difficulties after being found guilty of money laundering 
20 November 2017   1057

JP Morgan, an American multinational banking services holding company headquatered in New York City, faced allegations from Swiss Financial Market Authority for breaking rules of money laundering and the difficulties started to arrrive only two months after a $4 billion mortgage fraud fine in September 2017.

The report concerning JP Morgan money laundering was issued by Swiss Financial Market Supervisory Authority on June 30 and was scheduled to be made public the week after it was prepared. However, JPMorgan did everything possible to prevent it from being published. 

The Swiss Financial Market Authority revealed that JPMorgan seriously violated supervision laws, although no detailes have been published. FINMA is still unable to impose fines, but it is authorized to seize unlawfully acquired funds.

Moreover, in October 2017, Jamie Dimon, CEO of JPMorgan, faced a lot of controversy after saying that Bitcoin is a fraud, which irritated Steve Wozniak, Chamath Palihapitiya, Mike Novogratz. Jamie Dimon went further stating that it is necessary to fire anyone "stupid enough to trade bitcoin."

JP Morgan company stated that they will continue to make significant enhancements to theanti-money laundering program of the firm to ensure that they meet regulatory expectations.

There is nothing more important to us than the safety and soundness of the global monetary system.

JP Morgan spokesperson

Professional limitations on bankers might be imposed, and considering that FINMA was not authorized to levy fines and that both FINMA and JPMorgan refused to comment on the situation it is unclear what action the regulator had taken against JPMorgan.

Previuosly, it was reported that JP Morgan Chase announced the launch of Interbank Information Network based on Quorum blockchain in order to reduce delays in payments between banks.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   120

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.