- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-05-24T15:59:00
A subsidiary of JPMorgan Chase will pay an additional $100 million to the Commodity Futures Trading Commission (CFTC) to settle charges it failed to adequately monitor and supervise its trading system.
The CFTC announced a $200 million fine Thursday against JPMorgan Securities for trade surveillance gaps created during the onboarding of a new system in 2021. The CFTC’s fine will be offset by $100 million, money the bank will pay to the Treasury Department’s Office of the Comptroller of the Currency and the Federal Reserve Board as part of a $348 million settlement announced in March for related trade surveillance failures.
JPMorgan previously disclosed it would pay a $100 million fine to a third regulator, now revealed as the CFTC, for the trade surveillance lapses.
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A broker-dealer subsidiary of Toronto-based BMO Financial Group will pay nearly $41 million in penalties to the Securities and Exchange Commission to settle allegations that its traders issued misleading disclosures on bonds for three years, causing $19 million in harm to its customers.
Two affiliates of JPMorgan Chase have agreed to pay $151 million to settle five separate enforcement actions for making misleading disclosures, breaching fiduciary duties, and other failures related to investors.
The Financial Industry Regulatory Authority fined JPMorgan Securities $190,000 for unregistered investment banking activities and not having a supervisory system reasonably designed to achieve compliance with FINRA registration requirements.
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
Robinhood, a disruptive force in the market for Main Street investors but also a serial offender of securities laws, will pay a total of $45 million to settle numerous violations of SEC rules and regulations by two of its broker-dealers.
A cannabis company agreed to pay $225,000 to settle allegations that funds were temporarily deposited into its year-end accounts for the sole purpose of inflating year-end cash, the Securities and Exchange Commission said.
