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JPMorgan agrees to $125 million fine for letting employees use WhatsApp to evade regulators’ reach
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cnbc.comIn this article
JPMorgan Chase is paying a $125 million fine to settle Securities and Exchange Commission charges that its Wall Street division allowed employees to use WhatsApp and other platforms to circumvent federal record-keeping laws.
The SEC said Friday in a statement that JPMorgan Securities admitted to «widespread» record-keeping failures in recent years. The bank's employees used personal smartphones and email accounts, as well as messaging services including Meta-owned WhatsApp, to conduct securities business matters from at least January 2018 through November 2020, the regulator said.
SEC officials who spoke to reporters Thursday evening said JPMorgan's failure to preserve those off-line conversations violated federal securities
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