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:
33-9992
Document Details
Legal Case Name
In the Matter of JPMorgan Chase Bank, N.A. and 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 Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
18-Dec-2015
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On December 18, 2015, the SEC instituted settled administrative and cease-and-desist proceedings against JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC. According to the SEC: "This matter concerns the negligent failure of JPMorgan Chase & Co.'s ('JPMorgan's') wealth management businesses, JPMorgan Chase Bank, N.A. ('JPMCB') and J.P. Morgan Securities LLC ('JPMS'), to disclose conflicts of interest arising from, as applicable, preferences for (i) JPMorgan-managed mutual funds ('Proprietary Mutual Funds'), (ii) JPMorgan-managed private hedge funds ('Proprietary Hedge Funds,' and, together with Proprietary Mutual Funds, 'Proprietary Funds'), and (iii) third-party-managed private hedge funds that shared client fees with a JPMCB affiliate."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
Shared:
$127,500,000.00
Shared with: JPMorgan Chase Bank, N.A.
Civil Penalty
Individual:
Shared:
$127,500,000.00
Shared with: JPMorgan Chase Bank, N.A.
Pre-Judgment Interest
Individual:
Shared:
$11,815,000.00
Shared with: JPMorgan Chase Bank, N.A.
Other Defendants in Action: