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Christopher J. Gray, P.C. filed a lawsuit on January 27, 2009 against JPMorgan Chase & Co. on behalf of an investor who incurred substantial losses in his trades in Bear, Stearns options between March 12 and 14, 2008- in the immediate aftermath of statements by the senior management of Bear, Stearns to the effect that its liquidity and balance sheet remained strong.  The firm’s client sued JPMorgan Chase as successor in interest to Bear, Stearns, which it acquired in May 2008.  

 
The plaintiff incurred his losses when the price of Bear, Stearns shares plummeted from  $57.00 on March 13, 2008 to as low as $4.30 a share on March 17, 2008 as material adverse information concerning the Company’s liquidity, financial condition and book value emerged between March 14 and 17, 2008.  

 
The case alleges that Bear, Stearns omitted to disclose important facts that had emerged and that Bear, Stearns management knew , including:

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Independent financial fraud investigator Harry Markopolos testified before the U.S. Congress yesterday and chronicled the over eight years he spent attempting to inform the Securities and Exchange Commission and other regulators that Bernie Madoff was a fraud.  Mr. Markopolos said that he was retained by a client in 1999 to “reverse-engineer” Madoff’s investment portfolio and concluded within four hours that Madoff’s reported returns were mathematically impossible and that Madoff was a fraud.  Mr. Markopolos sent repeated written warnings to the SEC explaining why Madoff had to be a fraud, but none served to awaken the sleeping regulatory giant to Madoff’s Ponzi scheme.

 

Mr. Markopolos had no problem telling Congress what he really thinks of  the regulators.  In his February 4, 2009 testimony Mr. Markopolos, when asked to compare the SEC with FINRA (Financial Industry Regulatory Authority) said, “I never thought the SEC was corrupt … FINRA is definitely in bed with the industry.”  Markopolos later elaborated, “I’d give the SEC an A+ for incompetence and FINRA an A+ for corruption.”

 

Here is  link to Mr. Markopolos’ prepared testimony (all 65 pages of it).

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