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 31-Oct-2024
Initial Filing Format Administrative Action
File Number 3-22279
Allegation Type Broker Dealer

Violations Alleged

Other
• Rule 15l-1(a) Exchange Act

Resolutions

First Resolution Date 31-Oct-2024

Related Documents:

34-101493 31-Oct-2024 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C 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 October 31, 2024, the SEC instituted settled administrative and cease-and-desist proceedings against J.P. Morgan Securities LLC, stating: "From at least June 30, 2020 through July 14, 2022 (the "Relevant Period"), JP Morgan Securities, through its registered representatives, recommended certain mutual fund products ("Clone Mutual Funds") to its retail brokerage customers when materially less expensive ETF products that offer the same investment portfolio to investors ("Clone ETFs" and, together with Clone Mutual Funds, the "Clone Pairs") were also available on JP Morgan Securities' platform for recommendation to these customers."
2024-178_3-22279 31-Oct-2024 Press Release--Administrative Proceeding
JP Morgan Affiliates to Pay $151 Million to Resolve SEC Enforcement Actions
The SEC stated: "between June 2020 and July 2022, JPMS recommended certain mutual fund products, called Clone Mutual Funds, to its retail brokerage customers when materially less expensive ETF products that offered the same investment portfolios were available."