JPMorgan (JPM) Preps for Probe by Hiring Ex-SEC Enforcer

May 22, 2012 2:35 PM EDT
According to a Bloomberg report from Tuesday afternoon, JPMorgan (NYSE: JPM) is said to have hired William McLucas to help respond to an SEC probe over the firm’s $2B trading loss.

McLucas is a former SEC enforcement chief with a decade of experience, and he could be the right person to handle the banks response to the probe.

SEC Chairman, Mary Shapiro, recently said the investigation of JPMorgan will likely focus on how JPMorgan disclosed the risk of loss to shareholders.

Despite a 5 percent pop in JPMorgan shares on Tuesday, the stock is still down nearly 16 percent since Jamie Dimon disclosed the loss on a surprise after-hours conference call.

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