Defendant Name: J.P. Morgan Securities LLC

Defendant Type: Subsidiary of Public Company

Document Reference: 2021-262

Document Details

Legal Case Name In the Matter of J.P. Morgan Securities LLC
Document Name JPMorgan Admits to Widespread Recordkeeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges
Document Date 17-Dec-2021
Document Format Administrative Proceeding
File Number 3-20681
Allegation Type Broker Dealer
Document Summary The SEC "announced charges against J.P. Morgan Securities LLC (JPMS), a broker-dealer subsidiary of JPMorgan Chase & Co., for widespread and longstanding failures by the firm and its employees to maintain and preserve written communications. JPMS admitted the facts set forth in the SEC’s order and acknowledged that its conduct violated the federal securities laws, and agreed to pay a $125 million penalty and implement robust improvements to its compliance policies and procedures to settle the matter."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Monetary Penalties:

Civil Penalty

Individual:     $125,000,000.00 Shared:    

Related Documents:

34-93807 17-Dec-2021 Administrative Proceeding
In the Matter of J.P. Morgan Securities LLC
On December 17, 2021, the SEC instituted settled cease-and-desist proceedings against J.P. Morgan Securities LLC stating: "The federal securities laws impose recordkeeping requirements on broker-dealers to ensure that they responsibly discharge their crucial role in our markets . . . These proceedings arise out of the widespread and longstanding failure of JPMorgan employees throughout the firm, including those at senior levels, to adhere to certain of these essential requirements. These employees communicated both internally and externally via personal text messages, WhatsApp messages, and emails on their personal devices."