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Regulator outlines JP Morgan electricity market allegations

The disclosures precede an expected settlement between the bank and agency, which are close to announcing a roughly $410 million fine to settle the charges, people familiar with the matter said.

Federal energy regulators said traders at JP Morgan used eight different strategies to wring "excessive payments" from electricity markets, offering their first formal allegations of fraudulent activity after a years-long investigation.

The Federal Energy Regulatory Commission released a two-page notice on the JP Morgan allegations Monday that is a precursor to an enforcement announcement.

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