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Resource Investor finds disagreement on silver inventories

Section: Daily Dispatches

Just imagine all Morgan's ripoffs that DON'T get caught. ...

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FSA punishes J.P. Morgan for stock market manipulation

From Kyodo News Service
Thursday, March 9, 2006

http://asia.news.yahoo.com/060309/kyodo/d8g83rqg0.html

TOKYO -- The Financial Services Agency ordered the Japan unit of
J.P. Morgan Securities Asia Pte. Ltd. on Thursday to suspend part of
its operations for five to 15 business days for manipulating the
value of a Tokyo Stock Exchange futures index with a massive sum
of "cross trades" on Nov. 4, 2004.

The order, which will go into force on Friday, was issued to
discipline J.P. Morgan Securities Asia Pte. Ltd., Tokyo Branch, for
the trades which contravened Article 42 of the Securities and
Exchange Law, the governmental regulator said.

A J.P. Morgan trader placed a total of 15 selling and buying orders
for the futures index at the same values, making the opposite orders
match and guiding the index's values artificially at levels that do
not mirror the market's actual conditions, the FSA said.

The trader, who put the series of orders in over a period of about
70 minutes from 1:57 p.m., was found not to have had any intention
to transfer ownership rights among market participants when
implementing the fraudulent deals, it said.

In addition, the Japanese arm of J.P. Morgan misled an institutional
investor in November 2004 by failing to provide the investor with
value appraisal reports on real estate used as underlying assets for
asset-backed securities for which it was acting as a sales
intermediary, the regulator said.

Besides this, the branch, brushing aside the doubts expressed by the
investor on the reality of the assessments, handed over to the
investor a separate set of appraisal reports at which the value of
the real estate had not been written down to reflect real market
conditions, it said.

The FSA imposed the disciplinary order in light of a recommendation
by the Securities and Exchange Surveillance Commission to impose
punitive measures on the brokerage.

The regulatory authorities slapped the company with a similar
penalty in 2003 for market manipulation.

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