Another day, more problems for banks. New York-based JPMorgan Chase is going to pay fines in excess of $1 billion to resolve federal investigations into the alleged manipulation of metal and treasury markets, a scheme many traders refer to as spoofing. The case was revealed in a September 2019 criminal indictment against three current and/or former JPMorgan Chase employees. Charges were brought against Chase by the Justice Department, Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC). Jamie Dimon, the outspoken CEO of JPMorgan Chase, has referred to Bitcoin as a "scam".