JPMorgan Pays $2.8 Million Fine Over Improper Safeguards For Customers

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JPMorgan Chase & Co will pay $2.8 million to settle charges that a broker-dealer unit lacked sufficient controls to safeguard customer securities from several countries over more than eight years, a U.S. regulator said on Wednesday.

FINRA said the violations occurred from March 2008 to June 2016, and stemmed in part from defective electronic systems that JPMorgan inherited from Bear Stearns Cos, the investment bank it bought in May 2008 in a government-arranged fire sale. Read more at REUTERS.

{Matzav.com}

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