JPMorgan failed to catch dozens of suspicious commodities trades in a “careless” oversight, the corporate regulator has found, fining the bank $775,000.

The Australian Securities and Investments Commission said the Wall Street investment bank should have caught 36 client orders placed on the ASX 24 futures market between January and March 2022. The client’s orders – relating to the price of wheat futures contracts – intended to create a false or misleading appearance that JPMorgan’s Australian securities business failed to pick up.