Jamie Dimon Faces Market Abuse Claim Over "False, Misleading" Bitcoin Comments

Tyler Durden's picture

A week after Jamie Dimon made headlines by proclaiming Bitcoin a "fraud" and anyone who owns it as "stupid," the JPMorgan CEO faces a market abuse claim for "spreading false and misleading information" about bitcoin.

Unless you have been living under a rock for the past week, you will be well aware of JPMorgan CEO Jamie Dimon's panicked outburst with regard the 'fraud' that Bitcoin's 'tulip-like' bubble is. To paraphrase:

"It’s a fraud. It’s making stupid people, such as my daughter, feel like they’re geniuses. It’s going to get somebody killed. I’ll fire anyone who touches it."

Image courtesy of Cointelegraph

One week later, an algorithmic liquidity provider called Blockswater has filed a market abuse report against Jamie Dimon for "spreading false and misleading information" about bitcoin.

The firm filed the report with the Swedish Financial Supervisory Authority against JPMorgan Chase and Dimon, the company's chief executive. Blockswater said Dimon violated Article 12 of the European Union's Market Abuse Regulation (MAR) by declaring that cryptocurrency bitcoin was "a fraud".

The complaint said Dimon's statement negatively impacted "the cryptocurrency's price and reputation".

 

It also said Dimon "knew, or ought to have known, that the information he disseminated was false and misleading".

 

"Jamie Dimon's public assertions did not only affect the reputation of bitcoin, they harmed the interests of some of his own clients and many young businesses that are working hard to create a better financial system,” said Florian Schweitzer, managing partner at Blockswater.

Blockswater said JPMorgan traded bitcoin derivatives for their clients on Stockholm-based exchange Nasdaq Nordic before and after Dimon's statements (as we detailed here), which Schweitzer said "smells like market manipulation".

Blockswater works with blockchain-based assets based in London and Austria. Its full complaint is below:

Blockswater Files Market Abuse Report Against Jamie Dimon in Stockholm
Blockswater LLP believes that Dimon violated EU’s Market Abuse Regulation by "spreading false and misleading information" about bitcoin

 

STOCKHOLM/NEW YORK/LONDON/VIENNA, September 21, 2017 - Algorithmic liquidity provider Blockswater LLP filed a market abuse report with the Swedish Financial Supervisory Authority (FI) against JPMorgan Chase and Co. CEO Jamie Dimon. Blockswater believes that Dimon violated Article 12 of the European Union's Market Abuse Regulation (MAR) by declaring that cryptocurrency bitcoin was "a fraud.”

 

The complaint filed with the Swedish authorities demonstrates how Dimon's statement negatively impacted "the cryptocurrency's price and reputation.” The document also lists evidence that suggests Dimon "knew, or ought to have known, that the information he disseminated was false and misleading.”

 

"Jamie Dimon's public assertions did not only affect the reputation of bitcoin, they harmed the interests of some of his own clients and many young businesses that are working hard to create a better financial system,” says Florian Schweitzer, managing partner at Blockswater. JPMorgan traded bitcoin derivatives for their clients on Stockholm-based exchange Nasdaq Nordic before and after Dimon's statements fueled volatility in the market. “That’s a clear case of double standards and it smells like market manipulation.”

 

Article 12 of the European Union's Market Abuse Regulation prohibits the manipulation of markets through practices such as spreading false or misleading information. Nasdaq Nordic, where exchange-traded notes on bitcoin are listed, defines the term “market manipulation” in accordance with the EU’s definition as “dissemination of information through the media, including the Internet, or by any other means that gives, or is likely to give, false or misleading signals as to Listed Products, including the dissemination of rumours and false or misleading news, where the person who made the dissemination knew, or ought to have known, that the information was false or misleading.”

 

FI confirmed receipt of the report but did not comment further except to state that the financial markets regulator "will handle it according to [FI's] procedures."

 

Blockswater LLP is an algorithmic liquidity provider for blockchain-based assets based in London (UK) and Vienna (Austria).
 
 

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Smedley's Butler's picture

ahahahaha!!!! AHAHAHAHAHAHA!!!

tmosley's picture

Peanutz will defend Jamie as he is attacked by crypto people.

Dormouse's picture

Well played sir, well played.

VD's picture

2 frauds dont make a right.

 

let the lawsuits begin!

TheDude1224's picture

Correct! JP Morgan CEO, Dimon, knew that his people would jump all over the false dip and capitalized. However, that doesn't make what Dimon said wrong either! Bitcoin is a scam, JP Morgan Chase is a scam, they are both frauds! Bitcoin will crash and burn, JP Morgan Chase will definitely crash and burn, and the financial institutions we know to today will be a fun history chapter in our future generation's text books!

BennyBoy's picture

 

Banksters are above the law.

But not above lying, frauding and cheating.

IH8OBAMA's picture

Crytos aren't much different than penny stocks.  The only difference is that a penny stock in many cases has some money and a slim chance at making earnings for the shareholders.  Bitcoin has no such chance.  It starts out worthless and will always be worthless with no chance of ever being anything else.  At some point in the future when cryptos run out of "greater fools", investors (or are they speculators?) will come to the reaization that they are holding nothing but thin air and will all race to the exit.  Few will get out the door.

Until then, good luck cryptoers.  Be nimble, be quick.

CuttingEdge's picture

Why not an appropriate song for the occasion?

Not that fuck all will come of it, but any time he makes a cunt of himself, its always funny.

DWD-MOVIE's picture

I'm making over $14k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do...  http://disq.us/url?url=http%3A%2F%2Fwww.Jobzon3.com%3Ab8eR_DQLwGRPVGtFvv...

Gaius Frakkin' Baltar's picture

You could say the same about any money, retard.

Goldbugs and central banks don't hoard gold so they can make class rings out of it. The whole point of the gold coin is for trade, not use.

Most people don't even want the real thing anyway, just a paper or digital receipt for it, which is why the price will always be manipulated so easily.

SILVERGEDDON's picture

Fuck Jamie the trash talker, and the Morgue. 

As for people not wanting the real thing, just paper or digitasl receipts -  you are either delusional, or, you hang out with the wrong people. 

Either way, your narrow view of precious metals will get you boot fucked into the middle of next year, investment wise.  

tmosley's picture

Hahaha, pumping silver now, are we?

Remind me to ridicule you slightly more than usual around the middle of next year.

SILVERGEDDON's picture

tmosley, you were always the pumper of anything market manipulated. 

You pumped silver like a crack whore spreading for a Benjamin until you lost your ass at the market peak. 

Then, you went dark, and disappeared for a few years, emerging phoenix resplendent to pump the living rat fuck out of Bitcoin, like Fonestar reincarnated.

Can't wait for the crypto crash, and for you to crawl off to your hole licking your wounds again for a few years, you disingenuous Schopenhauer twat.

Oh, as an afterthought - I was referring to the stupidity of anyone accepting paper or digital receipts as proof of metals ownership over having personal control of physical metals - that is even more incredibly retarded than you are.  

Spaced Out's picture

"Bitcoin has no such chance."

Tell that to my mortgage broker you stupid boy :D

 

kahplunk's picture

People always complain about the bankers yet here is an alternative and you fucking loosers turn it down. Hey the stone that the builder refused

dark pools of soros's picture

just kick them in their depends, crack a joke and get back to trading... they dont even know how to change their underware let alone make a trade

TheDude1224's picture

"People always complain about the bankers yet here is an alternative and you fucking loosers turn it down."

Bitcoin is not an alternative, it is a pyramid scheme. Go look at the history of the South Sea Company, and you will see Bitcoin is just a new age reincarnation of a fraud that was perpetuated over 200 years ago. There is no value to back Bitcoin, it is all based on a ridiculous notion that the faith in crypto is somehow better than the faith in the dollar. They both are sucker's bets.

Winston Churchill's picture

Unless you have the backing of govt. violence,like the banks, you are treating

the fever of a stage 4 cancer patient.

"Power grows from the barrel of a gun".

Good luck fighting those govt. guns armed with a blockchain.

Bunga Bunga's picture

Claims are without any proof.

Calfrope's picture

Thedudett...do a little research ...the word is JP Chase has some 600 million ozs of physical silver...so let's just say silver takes off to the moon...$30-$35 an oz. and for stackers that's not even close to a moon shot...but I digress....that would double their investment...pretty much anything else above that is just icing on the cake for the SHMUCKS...just saying ...

abyssinian's picture

F Jamie Demon! whatever happened to this throat cancer? was that just a fraud too? 

OverTheHedge's picture

This is an outstanding story :-)

Jaimie Dimon, the ultimate liar, being taken to task for telling the truth!

The cognitive dissonance here is frightening. How will our young hedgers cope? Will they hate Jamie, or will they praise Jaimie, or will they do both? Tune in next week when Janet Yelln calls for an audit of the Fed.

Does anyone remember Jamie and his Magic Torch? https://m.youtube.com/watch?v=XMNG2LtF41o

11b40's picture

Telling the truth? You mean like firing any of his employees caught trading cryptos?

Mementoil's picture

And you will defend Crypto people even when they try to enlist state power in order to further their goal...

WTFRLY's picture

Lolololol I told you they were gonna joo bitcoin so hard

VD's picture

"Satoshi" is actually Jewish; ie couple of higher IQ than you Jewish fellows.

ebworthen's picture

"...an algorithmic liquidity provider called Blockswater..."

I'm no fan of Jamie Dimon - but this is the pot calling the kettle black.

11b40's picture

So, now we play a game of shoot the messenger and ignore the message?  you sound like MSNBC.

BabaLooey's picture

Jamie Dimon....

A piece of shit.......

...but I repeat myself

GunnerySgtHartman's picture

He gives new meaning to the term "human debris."

skbull44's picture

Expect a little, slap on the wrist fine (if anything)...

https://olduvai.ca

VD's picture

wrist slap of around less than 1% on the btc profits.

 

2 frauds, 1 game (now).

Mr Twitch's picture

And Martha Stewart is still under surveillance... 

natxlaw's picture

Time to bend over, Jaime.

Mr.Bigfoot's picture

watch out, he's in trouble now

hangemhigh77's picture

Jamie Dimon a cocksucking stupid little criminal midget assfucker. I hope you choke on ur lunch you little maggot Jamie.

Son of Captain Nemo's picture

"Jamie Dimon Faces Market Abuse Claim Over "False, Misleading" Bitcoin Comments"

My G-g-g-o-o-o-o-D!

This must mean that Bitcoin has the full "faith and credit" backing of the United (Western Central Banking) States of EUAmerica!...

I'm verklempt!... Talk amongst yourselves!!!

P.S.

Where do I open my wallet to "mine" my first Buttcoin?!!!

Son of Captain Nemo's picture

Love the picture of "The" Dimon for this read.

He looks like a Roman Catholic priest breaking the Eucharist saying "Mass"!

"LET U.S. PREY"!!!

11b40's picture

Let us Prey!  That is great.  Doing Gods work.  I will steal it  

Philo Beddoe's picture

We can sick Fonestar on him. 

Got get em. 

serotonindumptruck's picture

The judge will dismiss this suit.

The plaintiff can't show that Dimon's comments caused the price of bitcoin to fall, as the volatility was likely due to China's intervention.

kahplunk's picture

Not sure on this you can not freely go around and claim a company is fraud without consequences.

11b40's picture

Oh, don't be so sure.  Could the courts open up the JPM trades in Cryptos and prove that Dimon was making false statements?  It sure looks like he was, and he is not some little ass wipe like Cramer.  His comments do move markets.

MANvsMACHINE's picture

I'm guessing that JPM was buying AFTER his comments and via discovery with any lawsuit, that should be easily demonstrated. So after he calls Bitcoin a fraud and threatens his employees about buying bitcoin, they are snatching it up? Yeah, doesn't look good.

Justin Case's picture

The plaintiff can't show that Dimon's comments caused the price of bitcoin to fall

Can they go after Yellen for affecting the PMs market with her statements and opinions?

tmosley's picture

They don't have to show that he caused it, they just have to show that he said what he said, then did what he did, in contradiction of what he said.

Justin Case's picture

Ah it's against they law to be a "hypocrite". Okie dokie, didn't know that one. So he's unethical. Judging by the billions that JPM has been fined over the years, means absolutely -0-. He's part of the untouchables.

Goldman Sachs was touting $150.00/bbl oil back a few years ago while they were piling on the shorts. GS was also selling MBSs and taking short positions on them. You can expect the same dog and pony show with Dimon and JPM. Nuttin.

tmosley's picture

Peanutz so delusional they can't tell the difference between basic hypocrisy and felonious fraud.

Guess that explains why they are so willing to lie again and again and again.

Edit: Also, called it on the peanutz defending Jamie!