SEC levies $4 mln penalty on JPMorgan Chase for deleting 47 mln ‘electronic communications’

The Securities and Exchange Commission on Thursday said it’s requiring JPMorgan Chase & Co.
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to pay a $4 million penalty for allegedly violating rules for broker dealers to preserve all communications for at least three years. The SEC said JPMorgan deleted approximately 47 million communications between Jan. 1 through April 23, 2018 housed in approximately 8,700 electronic mailboxes. The bank deleted the email boxes of as many as 7,500 employees who had regular contact with Chase customers, the SEC said. The bank was charged the fine without admitting or denying the SEC’s findings. JPMorgan reported the deletion to the SEC in 2020. JPMorgan Chase stock is down 0.9% in recent trades.