JPMorgan Chase & Co. will pay a $4 million fine to settle Securities and Exchange Commission allegations that the bank mistakenly deleted millions of electronic records, leaving communications unavailable to regulators in a dozen investigations.
The SEC alleged Thursday that JPMorgan Securities permanently deleted 47 million electronic records, including emails and instant messages, from January 2018 to April 2018. As a result, the regulator said that JPMorgan could not come up with requested documents in eight SEC investigations and four other regulatory probes. The SEC didn’t say whether those actions were focused on the bank.
Source: JPMorgan (JPM) Mistakenly Deleted 47 Million Records, SEC Alleges – Bloomberg
