- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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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JPMorgan Chase said it expects to pay an additional $100 million to an unnamed regulator to settle alleged trade surveillance failures that have already warranted more than $348 million in penalties by two other agencies.
JPMorgan Chase disclosed in a regulatory filing it expects to be penalized approximately $350 million by two unnamed U.S. regulators over lapses in its trading surveillance activities.
JPMorgan Securities agreed to pay $750,000 to settle allegations levied by the Financial Industry Regulatory Authority that its inadequate financial risk management controls and supervisory procedures allowed erroneous orders to be placed with exchanges or alternative trading systems.
Gurbir Grewal, director of the Securities and Exchange Commission’s Division of Enforcement, will step down from his post Oct. 11. Grewal, who had served as the division’s director since 2021, will be replaced by Sanjay Wadhwa, currently the division’s deputy director, the SEC said.
T-Mobile, which experienced three huge data breaches in the past three years, agreed to pay $31.5 million in penalties and remediation for failing to protect millions of its customers’ personal information as part of a settlement with the Federal Communications Commission.
The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.
