{"id":1898,"date":"2017-11-22T21:33:57","date_gmt":"2017-11-23T03:33:57","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1898"},"modified":"2022-03-22T15:07:35","modified_gmt":"2022-03-22T20:07:35","slug":"securities-firms-jp-morgan-securities-pay-1-25-inadequate-background-checks-thousands-employees-gray-financial-group-settles-sec-unsuitable-investments-pension-funds","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-firms-jp-morgan-securities-pay-1-25-inadequate-background-checks-thousands-employees-gray-financial-group-settles-sec-unsuitable-investments-pension-funds\/","title":{"rendered":"Securities Firms: JP Morgan Securities to Pay $1.25 For Inadequate Background Checks of Thousands of Employees and Gray Financial Group Settles with SEC Over Unsuitable Investments to Pension Funds"},"content":{"rendered":"<p>\t\t\t\t<strong>FINRA Orders JPMorgan Securities to Pay $1.25M<\/strong><br \/>\nThe Financial Industry Regulatory Authority said that <a href=\"https:\/\/www.investorlawyers.com\/jp-morgan-chase-background-information.html\">J.P. Morgan Securities LLC (JPM)<\/a> will pay $1.25M for not conducting proper background checks\u2014or, in certain instances, conducting them but not in a timely enough manner\u2014from 1\/2009 through 5\/2017 on 8,600 of its associated persons that were non-registered. According to the self-regulatory organization, this included the failure to properly fingerprint about 2,000 non-registered associated persons. The lapses kept the brokerage firm from knowing whether these individuals should be disqualified from employment.<\/p>\n<p>Meantime, other non-registered associates persons who were fingerprinted were only screened for criminal convictions as they related to federal banking laws, as well as to list that was \u201cinternally created.&#8221; Still, said FINRA, four people who warranted disqualification due to a prior criminal conviction were allowed to work as non-registered associated persons.<\/p>\n<p>Under federal securities laws, breakage firms must fingerprint certain associated staff even if they are employed in a non-registered manner because they could still pose a risk to customers otherwise. Fingerprinting allows for the identification of folk convicted of past crimes that may disqualify them from working for a firm in an associated role.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/securities-firms-jp-morgan-securities-pay-1-25-inadequate-background-checks-thousands-employees-gray-financial-group-settles-sec-unsuitable-investments-pension-funds\/#more-1898\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FINRA Orders JPMorgan Securities to Pay $1.25M The Financial Industry Regulatory Authority said that J.P. Morgan Securities LLC (JPM) will pay $1.25M for not conducting proper background checks\u2014or, in certain instances, conducting them but not in a timely enough manner\u2014from 1\/2009 through 5\/2017 on 8,600 of its associated persons that were non-registered. According to the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3739,3958,3760,3795,3761,1],"tags":[2917],"class_list":["post-1898","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-finra","category-jp-morgan-chase","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis","category-uncategorized","tag-gray-financial"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Securities Firms: JP Morgan Securities to Pay $1.25 For Inadequate Background Checks of Thousands of Employees and Gray Financial Group Settles with SEC Over Unsuitable Investments to Pension Funds &#8212; Investor Lawyers Blog &#8212; November 22, 2017<\/title>\n<meta name=\"description\" content=\"FINRA Orders JPMorgan Securities to Pay $1.25M The Financial Industry Regulatory Authority said that J.P. Morgan Securities LLC (JPM) will pay $1.25M for &#8212; November 22, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-firms-jp-morgan-securities-pay-1-25-inadequate-background-checks-thousands-employees-gray-financial-group-settles-sec-unsuitable-investments-pension-funds\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Securities Firms: JP Morgan Securities to Pay $1.25 For Inadequate Background Checks of Thousands of Employees and Gray Financial Group Settles with SEC Over Unsuitable Investments to Pension Funds &#8212; Investor Lawyers Blog &#8212; November 22, 2017\" \/>\n<meta name=\"twitter:description\" content=\"FINRA Orders JPMorgan Securities to Pay $1.25M The Financial Industry Regulatory Authority said that J.P. Morgan Securities LLC (JPM) will pay $1.25M for &#8212; November 22, 2017\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Securities Firms: JP Morgan Securities to Pay $1.25 For Inadequate Background Checks of Thousands of Employees and Gray Financial Group Settles with SEC Over Unsuitable Investments to Pension Funds &#8212; Investor Lawyers Blog &#8212; November 22, 2017","description":"FINRA Orders JPMorgan Securities to Pay $1.25M The Financial Industry Regulatory Authority said that J.P. 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