Is it just me, or do you instantly think of Hillary Clinton when you hear about millions of emails being deleted? Unless the former Secretary of State has been working at JPMorgan, it seems that someone else has decided to play dirty, too.
The US Securities and Exchange Commission (SEC) is investigating JPMorgan for a dozen or so civil security-related investigations.
There’s just one problem – over 40 million communications have been deleted, making it harder for the SEC to conduct their investigation. So, they’ve been slapped with a $4 million fine along the way.
The fine is because the deleted emails allegedly hold business records that are being sought out in some of the different investigations. And the bank is supposed to retain these records for at least three years.
According to the commission, “Because the deleted records are unrecoverable, it is unknown – and unknowable – how the lost records may have affected the regulatory investigations.”
Convenient, don’t you think? As if it needed to be said, SEC officials have already told JPMorgan to “cease and desist from committing any future violations.” Basically, quit deleting important $hit.
The bank isn’t admitting to anything. They came up with a story about how they thought that some of the emails were coded in such a way that they wouldn’t be truly deleted. Sure…
JPMorgan clearly hasn’t learned its lesson since this isn’t their first infraction. Actually, it’s their third. They were fined $125 million for a similar issue in 2021 and around $700,00 in 2005.
The largest US bank isn’t exactly giving us peace of mind.
- They’ve deleted important emails.
- They fail to retain proper records.
- There are several lawsuits pending against them.
- And oh, yeah, they have paid over $290 million to settle over Jeffrey Epstein’s sex trafficking operation.
JPMorgan Chase has issued a statement that they regret associating with Epstein. Yep, but it’s a little too late for that, isn’t it?
Anyway, it doesn’t look like JPMorgan understands what is and isn’t legal. Perhaps they need to stop turning to liberals for inspiration on how to deal with investigations.
And if you have a Chase account, we wish you all the best in your future endeavors.