JPMorgan unit fined $4M over record retention violations
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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