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.Â
The SEC sought some of the deleted emails and instant messages as part of eight investigations and four regulatory probes, the agency said. Many of the communications were business records the bank was required to keep for three years.
The communications, spanning from Jan. 1 to April 23, 2018, were deleted in June 2019 by an outside vendor responsible for archiving bank records, according to the order.
JPMorgan’s corporate compliance technology department had been trying unsuccessfully to delete some communications from the 1970s and 1980s, according to Reuters.
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