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JPMorgan fined for lax disclosure of misconduct allegations over six years
Monday, September 16, 2019
A unit of JPMorgan Chase & Co. was fined $1.1 million by a U.S. regulator today for being too slow to disclose 89 internal reviews or allegations of misconduct by financial advisers and other employees over six years.
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The Financial Industry Regulatory Authority (FINRA) said the alleged misconduct at JPMorgan Securities LLC included misappropriating customer funds, borrowing from customers, forging and altering documents, unauthorized trading, and other activities. It said that when JPMorgan filed the required information with FINRA, it was on average more than two years late.
FINRA said JPMorgan's disclosure shortfalls occurred from January 2012 to April 2018. JPMorgan did not admit or deny wrongdoing in agreeing to settle.
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