FBI confirms preliminary probe of JPMorgan

By Pete Yost Associated Press WASHINGTON (AP) -- FBI Director Robert Mueller said Wednesday the bureau has launched a preliminary investigation of JPMorgan Chase & Co. following a $2 billion trading loss at the bank. Mueller's comment at a Senate Judiciary Committee hearing was the first on-the-record confirmation of the probe. On Tuesday, a law enforcement official said that the FBI's New York office is heading an inquiry into the JPMorgan loss. "All I can say is we've opened up a preliminary investigation," Mueller told the Senate panel. Mueller said that opening a preliminary investigation "depends on a number of factors," which he did not enumerate. Under attorney general guidelines for FBI operations, a preliminary investigation may be initiated on the basis of any allegation or information indicative of possible criminal activity. Time limits are set for completion of preliminary investigations -- usually six months, although six-month extensions can be granted. Extensions of preliminary investigations beyond a year must be approved by FBI headquarters. Published: Fri, May 18, 2012