JP Morgan Chase (NYSE:JPM)
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2 Months : From Aug 2019 to Oct 2019
By Patrick Thomas
Regulators fined a unit of JPMorgan Chase & Co. (JPM) $1.1 million Monday for allegedly failing to timely disclose certain misconduct allegations.
The Financial Industry Regulatory Authority, or Finra, said on Monday that J.P. Morgan Securities LLC didn't disclose, or timely disclose, 89 allegations of misconduct over a six-year period.
The industry-funded brokerage regulator said between January 2012 and April 2018, J.P. Morgan Securities was supposed to disclose internal reviews or misconduct allegations by its registered representatives and associated persons.
Finra alleged when J.P. Morgan Securities did file the required information, it was, on average, more than two years late. Finra said this prevented or delayed it, other regulators and the public from learning about any misconduct allegations.
"We're pleased to put this matter behind us," JPMorgan Chase said in a statement. "We've since made a number of improvements to our controls and procedures to comply with reporting requirements."
Finra requires firms to certify within 60 days that it has taken appropriate corrective measures.
The firm neither admitted nor denied the allegations as part of the settlement.
"FINRA member firms have a responsibility to their fellow member firms, to FINRA and other regulators, and to the investing public to disclose allegations of serious misconduct by their registered representatives," Susan Schroeder, executive vice president of Finra's department of enforcement, said in a statement.
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(END) Dow Jones Newswires
September 16, 2019 11:02 ET (15:02 GMT)
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