J.P. Morgan Securities Will Pay $125M to the Commission
J.P. Morgan has arrived at two settlements over recordkeeping and communication violations. These violations included using unapproved channels, such as WhatsApp and personal texts messages. One settlement is with the US Securities and Exchange Commission (SEC) and the other with the Commodity Futures Trading Commission (CFTC). The firm has admitted to the violations.
The settlement with the SEC is with J.P. Morgan brokerage firm subsidiary, J.P. Morgan Securities, LLC for failures by the company and its employees to maintain and preserve written communications. In addition, the broker-dealer will pay a $125M penalty and enhance its compliance policies and procedures to resolve the issue.