Defendant Name: J.P. Morgan Securities LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: JPMorgan Chase & Co.
SIC Code: 6021
CUSIP: 46625H10

Initial Case Details

Legal Case Name In the Matter of J.P. Morgan Securities LLC
First Document Date 09-Jan-2020
Initial Filing Format Administrative Action
File Number 3-19639
Allegation Type Broker Dealer

Violations Alleged

Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 09-Jan-2020
Headline Total Penalty and Disgorgement $1,822,438

Related Documents:

33-10741 09-Jan-2020 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933, Section 15(b) of the Securities Exchange Act of 1934, and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On January 9, 2020, the SEC instituted settled cease-and-desist proceedings against J.P. Morgan Securities, LLC. The SEC stated: "From at least January 2010 through December 2015 . . . JPMS disadvantaged certain retirement plan and charitable organization brokerage customers who maintained accounts at JPMS . . . by failing to ascertain that they were eligible for a less expensive share class, and recommending and selling them more expensive share classes in certain open-end registered investment companies ("mutual funds") when less expensive share classes were available."
33-10741-s 09-Jan-2020 Administrative Summary
SEC Charges J.P. Morgan Securities for Disclosure Failures Related to Retirement and Charitable Customers
The SEC announced: "J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser located in New York City, agreed to settle charges that it failed to provide certain retail retirement account and charitable organization brokerage customers with sales charge waivers and lower fee share classes when selling certain mutual funds to them."