Defendant Name:
J.P. Morgan Securities LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
JPMorgan Chase & Co.
SIC Code:
6021
CUSIP:
46625H10
Document Reference:
33-10741
Document Details
Legal Case Name
In the Matter of J.p. Morgan Securities LLC
Document Name
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
Document Date
09-Jan-2020
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$251,083.00
Shared:
Civil Penalty
Individual:
$1,500,000.00
Shared:
Pre-Judgment Interest
Individual:
$71,355.00
Shared:
