FINRA has slammed J.P. Morgan Securities and J.P. Morgan Clearing Corp. with more than $1 million in fines for alleged operational systems, supervisory and recordkeeping deficiencies.
The regulator berated J.P.Morgan Securities for systems failures that affected the global wealth management clients of J.P. Morgan Private Bank and Heritage Private Client Services. Specifically, the regulator claimed the firm failed to send investment objective change letters to 3,266 clients from December 2006 to December 2012.
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