(Brandon Walker) Jamie Dimon, the JP Morgan/Chase bank CEO, could face time in federal prison.
Despite the stance of President Obama that he would be tough on the lenders that caused the Housing Bubble Crisis, and bankrupted the financial market, they have all walked away free men. It seems all that could change with some astounding findings.
Salon Magazine conducted an article that stated, “Jamie Dimon’s Perp Walk, Why It Could Be This Year’s Christmas Miracle“. In it they point out that he admitted to a violation of the Sarbanes-Oxley Act and should be in Jail.
The law in question that Jamie Dimon violated, by his own admission, can be found in Section 906 of the Sarbanes-Oxley Act. In the aftermath of the 2001 financial crisis, when corporations like Enron and WorldCom melted down in accounting scandals, Congress passed and George W. Bush signed Sarbanes-Oxley, meant to reform corporate accounting and protect investors through additional disclosures.
Section 906 forces corporate CEOs and CFOs (chief financial officers) to add a written certification to every periodic financial statement filed with the Securities and Exchange Commission. In this certification, the CEO and CFO must personally attest that the documents submitted to the SEC are accurate, as well as that the corporation has adequate internal controls. That phrase “internal controls” has a very specific meaning, covering the accuracy of all financial reporting, proper risk management, and compliance with all applicable regulations. Under Section 906, if the CEO or CFO knowingly or willfully make false certifications – i.e., if they know the SEC filing contains inaccurate information, or that the company’s internal controls are inadequate – they face fines of up to $5 million, and imprisonment of up to 20 years.~ Salon
The reason for this is that at the Chase main office, photographers were capturing photos of Jamie Dimon being led out in handcuffs by two FBI agents.
This violation has been ignored for years by the current administration. It is getting harder and harder to do so as court case after court case of fraud pours into the courtrooms over the practices of America’s banking institutions that led to the market collapse. This one willingly admitted his crimes and even has a rap sheet to go with it.
Earlier this year, several entities in the news media painted the picture of a JP Morgan that was mostly a criminal enterprise. The more exposure, the more the Justice Department is having a hard time dragging its feet at the embezzlement, fraud, and abuse that ultimately the CEO is responsible for.
You can see the first hand account of this story in progress here:
Source Article from http://govtslaves.info/jp-morganchase-bank-ceo-may-face-prison/
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