Quote:This is the third time the investment advisor has agreed to punishment for failing to preserve electronic records.

The firm in late 2021 agreed to pay $125 million in penalties for failing to preserve text messages and other electronic communications sent between January 2018 and November 2020.

In 2005, the firm paid $700,000 in penalties for not preserving electronic records from mid-1999 to mid-2002.

JPMorgan spokeswoman Patricia Wexler declined to comment on the latest sanction.

In its order Thursday, the SEC noted JPMorgan in 2016 began a project "to delete from its system older communications and documents no longer required to be retained."

CNBC

Quote:Washington D.C., Dec. 17, 2021 — The Securities and Exchange Commission today 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.

As described in the SEC’s order, JPMS admitted that from at least January 2018 through November 2020, its employees often communicated about securities business matters on their personal devices, using text messages, WhatsApp, and personal email accounts. None of these records were preserved by the firm as required by the federal securities laws. JPMS further admitted that these failures were firm-wide and that practices were not hidden within the firm. Indeed, supervisors, including managing directors and other senior supervisors – the very people responsible for implementing and ensuring compliance with JPMS’s policies and procedures – used their personal devices to communicate about the firm’s securities business.

JPMS received both subpoenas for documents and voluntary requests from SEC staff in numerous investigations during the time period that the firm failed to maintain required records. In responding to these subpoenas and requests, JPMS frequently did not search for relevant records contained on the personal devices of its employees. JPMS acknowledged that its recordkeeping failures deprived the SEC staff of timely access to evidence and potential sources of information for extended periods of time and in some instances permanently. As such, the firm’s actions meaningfully impacted the SEC’s ability to investigate potential violations of the federal securities laws.
U.S. Securities and Exchange Commission

(06-23-2023, 10:31 PM)Infolurker Wrote: Destroying evidence and snubbing subpoenas seems to be common place now that Hillary and Government agencies have flagrantly gotten away with it.

Let's see, minor fine, nothing at all, or we get in big trouble..... screw the court and their subpoenas, screw congress, delete all that crap and smash the hard drives and phones with a hammer.

(06-23-2023, 07:37 PM)Kenzo Wrote: Related to J. P. Morgan , i find this site today ....take it with grain of salt


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