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BREAKING: JP Morgan Slapped With Fine From SEC

To them, this will simply be a slap on the wrist. …

JP Morgan has been slapped with a $4 million fine from the Securities and Exchange Commission for allegedly deleting 47 million banking records—permanently.

The deleted records pertained to the retail bank division of the financial giant’s operation.

When contacted for comment the bank refused to confirm or deny any of the allegations made by the SEC.

I wonder if this was truly ‘accidental’ or if something else prompted the deletion of the records. …

Here’s what we currently know:

Bloomberg confirmed:

The SEC alleged Thursday that JPMorgan Securities permanently deleted 47 million electronic records, including emails and instant messages, from January 2018 to April 2018.

As a result, the regulator said that JPMorgan could not come up with requested documents in eight SEC investigations and four other regulatory probes. The SEC didn’t say whether those actions were focused on the bank.

One user provided some interesting background context on the banking giant:


Reuters provided more details:

The deletions occurred after JPMorgan’s corporate compliance technology department, which had been trying unsuccessfully to delete some communications from the 1970s and 1980s, sought help from an outside vendor managing the bank’s email storage.

According to a cease-and-desist order, the vendor failed to properly apply the three-year retention setting to “Chase” emails from early 2018.


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