SEC Slaps $4 mn Fine To JPMorgan
The SEC, a prominent figure in the crypto space, has recently targeted JPMorgan Chase, the largest US bank, for deleting nearly 47 million emails belonging to the retail banking group. The bank received a $4 million fine from the SEC for the incident, which involved the deletion of business records. The SEC’s crackdown on the crypto space has led to increased scrutiny and legal action against companies involved in the industry.
According to SEC guidelines, JPMorgan must keep such records for at least three years before discarding them. However, emails from January 1 to April 23, 2018, were deleted from 8,700 mailboxes in 2019.
JPMorgan, too, did not deny or admit any wrongdoing, stating that the incident occurred by chance. Following the civil settlement, the bank decided to implement its own email coding procedure in order to avoid such an occurrence in the future.
(With inputs from Shikha Singh)
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