Finra Fines J.P. Morgan Securities $1.1 Million -- Update
September 16 2019 - 11:17AM
Dow Jones News
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.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
September 16, 2019 11:02 ET (15:02 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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