1/16/2024
WSJ
Notice the language of Morgan, did not admit or deny the fidings but did pay the fine.
There is no end to this slap on the wrist type of enforcement, oh well just another cost of doing business.
Surely Morgan employs legions of attorneys and CPAs who knew this was a violation, not to mention the exteral CPAs.
\How a out fining CEO Jamie Dimon who makes $26 M in salary plus fabulous stock options, perhaps he would start paying attention to what his people are doing?
subsidiary will pay $18 million to settle charges that it violated protections for whistleblowers.
The Securities and Exchange Commission alleged Tuesday that J.P. Morgan Securities had prevented hundreds of advisory clients and brokerage customers from reporting potential violations of securities law to regulators with confidentiality agreements.
The SEC alleged that, from March 2020 to July 2023, J.P. Morgan Securities asked retail clients who had been issued a credit or settlement of more than $1,000 to sign agreements which required them to keep confidential information related to the settlement.
The SEC said the agreements did not allow clients to voluntarily contact the SEC and violated the whistleblower protection rule.
J.P. Morgan Securities did not admit or deny the findings and agreed to be censured, to cease and desist from violations and to pay a $18 million civil penalty.
Professor Elam 
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