JP Morgan penalized for erasing 47M emails.
OAN’s Sophia Flores
11:40 AM – Friday, June 23, 2023
JP Morgan Chase will pay a $4 million fine to the U.S. Securities and Exchange Commission (SEC) to settle allegations that the bank accidentally deleted about 47 million emails dated from January until April 2018.
A chunk of the deleted emails were sought by subpoenas in at least eight SEC investigations, and in four additional regulatory probes. Other deleted emails “could relate to potential future investigations, legal matters and regulatory inquiries.”
Many of the emails were business records “required to be retained pursuant” to federal securities law. They were deleted in June 2019. In accordance with SEC regulations, companies are obligated to retain all business records for a minimum of three years.
The deletions took place subsequent to JPMorgan’s corporate compliance technology department’s unsuccessful attempts to delete certain communications from the 1970s and 1980s. In an effort to address this issue, the department sought assistance from an external vendor responsible for managing the bank’s email storage.
The SEC issued an order to the firm, directing JP Morgan Chase to “cease and desist from committing any future violations” of the securities law that mandates broker-dealers to retain the original copies of all communications for a minimum of three years.
In a statement, the bank announced that it adopted its own email coding procedures to avoid a repeat of this issue.
“JPMorgan takes its record-keeping obligations seriously,” the bank said in a statement.
Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. https://www.oann.com/alerts
with Kari Lake
with Brian Shea
with Chris Markowski
with Jess Weber
By Arriana McLymore and Katherine Masters NEW YORK (Reuters) – Amazon.com Inc isn’t the only U.S. retailer accused of using deceptive tactics…
By A. Ananthalakshmi KUALA LUMPUR (Reuters) -Malaysia said on Friday it will take legal action against Facebook parent company Meta Platforms for…
(Reuters) -User reports of outages at Alphabet Inc’s YouTube and YouTube TV fell sharply early on Friday from a peak of over…
SYDNEY (Reuters) – Australia on Friday named a senior air force commander as its first cybersecurity boss to help lead the government’s…
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
