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SEC Fines JPMorgan $4 Million for Deleting Millions of Email Records Related to Its Chase Subsidiary From 2018

June 27 (Cointime) -The U.S. securities regulator has fined JP Morgan $4 million for deleting millions of email records related to a Chase Bank subsidiary in 2018. Many of these records are business records required to be kept under the Securities Exchange Act of 1934. By mistake, JP Morgan was unable to provide the evidence requested by the SEC and other investigators.

The problem stems from a project to remove old communications and files from systems that no longer need to be kept. However, a glitch occurred during the implementation and resulted in the permanent deletion of some important documents by mistake. JP Morgan put the blame on an unnamed filing vendor and said it had taken steps to strengthen processes and procedures to avoid similar incidents.

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