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:
34-101493
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 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
Document Date
31-Oct-2024
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
