Spoofing is a form of market manipulation by which traders make a large sum of orders they have no intention of executing.
Such actions can mislead market participants to steer prices in a certain direction, and was outlawed in 2010 through the Dodd-Frank Act.
Now, Business Insider reports JPMorgan is set to pay almost $1 billion in settlement fines for spoofing in precious metals and Treasury markets.
Paying up would resolve probes by the Justice Department, the Commodities Futures Trading Commission, and the Securities and Exchange Commission.
One source says paying the record sum isn't likely to restrict JPMorgan's business practices, and that the bank will admit to wrongdoing.
