United States SEC Fines JP Morgan Fines $4 Million for Permanently Deleting 47 Million Business Emails of 7,500 Employees Required to Stored for 3 Years, JP Morgan Unable to Delete Communications from 1970s to 1980s and Requested Help from External Vendors & Further Causing Inability to Provide Information in 12 Civil Securities-Related Investigations
23rd June 2023 | Hong Kong
The United States Securities & Exchange Commission (SEC) has fined JP Morgan $4 million for permanently deleting 47 million business emails of 7,500 employees in 2018 & 2019, which is required to be stored for 3 years. JP Morgan had been unable to delete communications from 1970s to 1980s and requested help from external vendors, which accidentally deleted the emails. The deleted emails further caused JP Morgan inability to provide information in 12 civil securities-related investigations. United States SEC: “Beginning in 2016, JPMorgan undertook a project to delete from its system older communications and documents no longer required to be retained. The deletion tasks implemented by JPMorgan employees in connection with the project experienced glitches, with the identified documents not, in fact, being expunged. In June 2019, while troubleshooting the issue, firm employees executed deletion tasks on electronic communications from the first quarter of 2018, erroneously believing, based on written representations from JPMorgan’s archiving vendor, that all the documents were coded in a way to prevent permanent deletion of records still within the thirty-six month regulatory retention period required by Section 17(a) of the Exchange Act and Rule 17a-4(b) thereunder. In fact, however, the vendor did not apply the default retention settings in a particular email domain and those communications, including many required to be maintained pursuant to the broker-dealer recordkeeping rules, were permanently deleted. Thus, approximately 47 million electronic communications of JPMorgan employees in the Chase banking retail group, thousands of whom were registered representatives of JPMorgan, are unrecoverable. In at least twelve civil securities-related regulatory investigations, eight of which were conducted by the Commission staff, JPMorgan received subpoenas and document requests for communications which could not be retrieved or produced because they had been deleted permanently.” View United States SEC order here.
” United States SEC Fines JP Morgan Fines $4 Million for Permanently Deleting 47 Million Business Emails of 7,500 Employees Required to Stored for 3 Years, JP Morgan Unable to Delete Communications from 1970s to 1980s and Requested Help from External Vendors & Further Causing Inability to Provide Information in 12 Civil Securities-Related Investigations “
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