J.P.Morgan Securities to pay $125 million to settle SEC charges on record-keeping lapses
Source: Reuters, via Yahoo! Finance
Reuters
J.P.Morgan Securities to pay $125 million to settle SEC charges on record-keeping lapses
Fri, December 17, 2021, 8:33 AM
WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission has fined J.P. Morgan Securities $125 million for "widespread" failures to preserve staff communications on personal mobile devices, messaging apps and emails, and is probing similar lapses at other financial institutions, it said on Friday.
JPMorgan Chase & Co's broker-dealer subsidiary admitted to the charges and to violating securities laws. It also agreed to implement robust improvements to compliance policies, in addition to the fine, the SEC said. ... "The firm's actions meaningfully impacted the SEC's ability to investigate potential violations of the federal securities laws," the SEC said.
The penalty is one of the first major enforcement actions brought under Democrat-appointed SEC Chair Gary Gensler, who has pledged to crack down on misconduct by Wall Street companies.
The SEC said it discovered J.P. Morgan Securities had been violating rules that require firms to preserve written business communications when the broker was unable to produce records during the course of other investigations. ... As a result of the JPMorgan probe the SEC has opened investigations into other firms' records-keeping practices, it said, confirming an October Reuters report.
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Read more: https://finance.yahoo.com/news/j-p-morgan-securities-pay-133350497.html
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