JP Morgan settles $135 million fine by the SEC for misconduct
- 3 weeks ago
JPMorgan Chase & Co. has settled the $135 million imposed by the SEC (Securities and Exchange Commission) due to allegations that it inappropriately handled transactions by foreign companies in regards to their shares, as part of an ongoing investigation in misconduct within the markets.
The allegations against the U.S. bank took place between 2011 and 2015 when it provided American depositary receipts for foreign shares regardless that they were not within their control, therefore increasing the amount of the companies’ shares available to be traded.
SEC official Sanjay Wadhwa stated, “With these charges against JPMorgan, the SEC has now held all four depositary banks accountable for their fraudulent issuances of ADRs into an unsuspecting market.”
While JPMorgan’s spokesman Brian Marchiony added, “We’re pleased to have resolved this matter, which is related to an industry practice we voluntarily ended a few years ago.”
Source: Smart Trend Team