JPMorgan Chase will pay $200 million in fines to settle charges brought by two federal regulators regarding the bank’s failure to maintain records of communications on securities, commodities, and swaps business matters made on bank employees’ personal devices.
Citing “widespread and longstanding failures” to maintain and preserve text and personal email messages and WhatsApp chats, the Securities and Exchange Commission (SEC) announced a $125 million fine against the bank Friday to settle violations of the agency’s books and records rules by a subsidiary, JPMorgan Securities, dating back to 2018. The Commodity Futures Trading Commission (CFTC) announced a $75 million fine for similar violations dating back to 2015.
