JPMorgan Chase is approaching the $39 billion mark in total fines imposed by US regulators, enforcement agencies and lawsuits related to anti-competitive practices, securities abuses and other violations.
A recent $4 million fine issued by the SEC against the banking giant will bring the amount of money JPMorgan has paid for banking, securities and additional fines since 2000 to $38.995 billion.
That’s according to data from the Violation Tracker, a comprehensive corporate misconduct database that is currently updated to just before the new SEC fine was announced.
JPMorgan did not issue a public comment in response to the SEC’s enforcement action, which stated that the firm deleted 47 million emails that were required to be properly maintained and accessible to regulators.
The SEC says at least a dozen ongoing securities investigations have requested documents from the firm that are no longer accessible.
“Because the deleted records are unrecoverable, it is unknown – and unknowable – how the lost records may have affected the regulatory investigations. Indeed, a member of JPMorgan’s compliance department acknowledged in an internal email after the deletion event was discovered that lost documents could relate to potential future investigations, legal matters and regulatory inquiries.”
In addition to fines from US regulators and enforcement agencies, the Violation Tracker includes state and federal lawsuits in its figures.
The types of lawsuits the group tracks relate to private litigation on wage and hour employment discrimination, ERISA and other retirement plan abuses, Fair Credit Reporting Act cases, WARN Act non-workplace discrimination, environmental consumer protection, false advertising, product liability, privacy and data breaches, price-fixing and related anti-competitive practices.
According to Macrotrends, JPMorgan booked $128.695 billion in profit last year alone, a 5.79% increase from 2021.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post JPMorgan Chase Has Paid $38,995,000,000 in Fines for Banking, Securities and Additional Violations As New SEC Enforcement Action Kicks In appeared first on The Daily Hodl.