Photo: Shutterstock / Shutterstock
This week, the Securities and Exchange Commission (SEC) fined one of the largest banks in the United States, JPMorgan Chase with $4 million dollars. after interfering in multiple investigations by deleting some 47 million emails.
The regulator recently explained that the emails could not be recovered as the bank had permanently deleted them. “Because deleted records are unrecoverable, it is unknown, and cannot be known, how missing records may have affected regulatory investigationsthe SEC said.
The subpoenas to JPMorgan are for approximately 12 regulatory investigations, which are being related to civil and the emails were removed from at least 7,500 employees.
In fact, a member of JPMorgan’s compliance department acknowledged in an internal email after the takedown event was discovered that the lost documents could be related to possible future investigationslegal matters and regulatory consultations”, indicated the Commission.
For its part, the bank noted that they have taken all necessary measures to improve their processes and procedures. “JPMorgan takes its recordkeeping obligations very seriously,” said JPMorgan director of corporate communications Veronica Navarro. The bank did not speak out against the sanctions by the SEC.
Keep reading:
- JPMorgan Chase Reaches $290 Million Settlement With Jeffrey Epstein Victim
- JPMorgan announced the cut of 500 jobs
- First Republic Bank is sold to JPMorgan Chase