Market manipulation: CEO of JP Morgan sued in Sweden!

SWEDEN | Did Jamie Dimon meant something else when he mentioned Bitcoin in the past week as fraud? Florian Schweitzer, managing partner for a Bitcoin market trading company, filed a complaint with a Swedish regulatory officer against the head of JPMorgan.

In the week before, Jamie Dimon called Bitcoin a fraud, taking advantage of the falling bit rate to buy into a Bitcoin fund. And that with not so insignificant sum. Now it is against him because of market abuse.

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JPMorgan Chief: Everything was just a coincidence?

Schweitzer’s investment company named ‘Blockwater’, which has a monthly volume of about $ 25 million, has asked the Swedish regulatory authorities to submit Dimon to an investigation committee.

Dimon criticized Bitcoin at a banking conference in New York and told the CNBC that Bitcoin is “a surreal thing.” He also explained that he would fire every JP Morgan trader, who is committed to Bitcoin.

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A few days after Dimon expressed his opinion.  JPMorgan became one of the most active buyers of Bitcoin XBT, a Bitcoin Tracker fund was listed on the Nasdaq Nordic in Stockholm.

The fund allows buyers to keep Bitcoin without having to worry about how to keep them safely. In addition, the price of a Bitcoin fell by 24% after Dimon publicly criticized his criticism.

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On the same day he did his XBT trades. The ‘Zero Hedge Finance’ blog accused JPMorgan of market manipulation to enter a low price.

However, JPMorgan defended and said that was intended for its customers who wanted to buy into the Bitcoin Tracker Fund and not for JPMorgan.

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Swedish Market abuse is punishable by up to two years imprisonment!

Dimon’s negative attitude towards Bitcoin began at the end of 2015 when he described Bitcoin as a “waste of time”. And at a time when Bitcoin was still worth $ 400.

In the following month at the WEF summit in Davos, Dimon once again pondered and said: “There is nothing behind  Bitcoin and I think if it were big, the governments would stop it.” Whether the JPMorgan boss will get away from it, will be shown. What do you think? Would a prison sentence be justified for this action?

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