Ian Hannam, a senior JP Morgan executive was subjected to a criminal offence initially by the financial regulators, it has been revealed.

The Financial Conduct Authority (FCA) as well as its predecessor, the Financial Services Authority (FSA) believed that Mr Hannam may have committed a criminal offence and conducted criminal investigations. The investigations have revealed that Mr Hannam has not committed criminal offenses in the matter involving the financial giant's behaviour in the financial crisis.

The regulators have said the Mr Hannam is using ingenious legal arguments in order to avoid a £450,000 market-abuse fine imposed by the FCA. The FCA said that each of the arguments presented by him fails on its terms, in a written submission in a High Court case.

The US Justice Department had launched a new investigation against J. P. Morgan Chase over its energy sector dealings. The move comes as the bank already faces several legal challenges from regulators. J. P. Morgan has agreed to pay $410 million to settle allegations raised by the Federal Energy Regulatory Commission that the bank was involved in manipulating markets in California and the Midwest.