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JPMorgan Escapes Energy Probe With Cheap Slap on Wrist (Update 1)

The agency went further, saying JPMorgan's energy subsidiary "knew that the California ISO and MISO received no benefit from making inflated payments to the company, thereby defrauding the ISOs by obtaining payments for benefits that the company did not deliver beyond the routine provision of energy."

Here's part of JPMorgan's statement on the settlement released later Tuesday morning:

"The J.P. Morgan employees identified in today's Federal Energy Regulatory Commission settlement order, Francis Dunleavy, Andrew Kittell and John Bartholomew, are gratified that the Commission's investigation has concluded with no charges, penalties or sanctions against them."

"After Messrs. Dunleavy, Kittell and Bartholomew explained to the Commission that their conduct was fully lawful and that they would not agree to any settlement that suggested otherwise, the Commission decided not to pursue any charges, penalties or sanctions against them. The Individuals did not agree to any settlement with the Commission. Separately, the Commission and J.P. Morgan entered into a voluntarily settlement to resolve their dispute."

-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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