FBI said probing JP Morgan over alleged manipulation of power markets

Pointing The Finger

U.S. authorities are investigating whether JP Morgan employees tried to impede a regulatory investigation into alleged manipulation of power markets.

Reuters News reports that the probe, which is in its early stages, is being conducted by the Federal Bureau of Investigation and prosecutors in Manhattan U.S. Attorney Preet Bharara's office.

It comes after a JP Morgan subsidiary agreed on July 30 to pay a $410m penalty to settle a manipulation case brought by the Federal Energy Regulatory Commission.

The sources said investigators aim to determine whether individuals at JP Morgan gave regulators all the information they needed to investigate JP Morgan's power market deals in California and the Midwest.

Deliberately withholding information from investigators or lying during interviews conducted as part of an investigation is considered obstruction of justice, a criminal offense.

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