- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-06-23T16:49:00
JPMorgan Securities agreed to pay $4 million to settle charges levied by the Securities and Exchange Commission (SEC) regarding record retention violations related to the deletion of approximately 47 million electronic communications.
JPMorgan Securities, a broker-dealer and investment adviser subsidiary of JPMorgan Chase, also agreed to a cease-and-desist order and censure, the SEC announced Thursday in an administrative proceeding.
In 2012, JPMorgan engaged a vendor to handle its electronic storage of communications. The vendor claimed its media storage complied with SEC record retention rules, including that electronic communication documents within 36 months could not be permanently deleted, per the SEC.
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JPMorgan Chase said it expects to pay an additional $100 million to an unnamed regulator to settle alleged trade surveillance failures that have already warranted more than $348 million in penalties by two other agencies.
JPMorgan Chase disclosed in a regulatory filing it expects to be penalized approximately $350 million by two unnamed U.S. regulators over lapses in its trading surveillance activities.
JPMorgan Securities agreed to pay $750,000 to settle allegations levied by the Financial Industry Regulatory Authority that its inadequate financial risk management controls and supervisory procedures allowed erroneous orders to be placed with exchanges or alternative trading systems.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
