Regulators Allege Inadequate Risk Management Practices and Insufficient Framework to Avoid Conflicts of Interest
JPMorgan Chase Bank, National Association (“JPMorgan”) received a $250 million civil money penalty for failing to maintain adequate internal controls and internal audit over its fiduciary business in violation of 12 C.F.R §9.9.
Levin Law, P.A., is a national securities law firm that investigates and prosecutes securities and investment fraud cases. Managing partner Brian Levin has helped to recover over $100,000,000 for individual and institutional investors. If you believe that you have suffered losses as a result of a brokerage firm’s, bank’s, or financial advisor’s negligence or misconduct, contact Levin Law for a free case evaluation.
Unsafe and Unsound Practices
The Office of the Comptroller of the Currency (“OCC”) assessed the fine after finding that the bank lacked sufficient risk management practices and a sufficient framework to avoid conflicts of interests. The consent order states that JPMorgan engaged in “unsafe and unsound practices, including those relating to internal controls and internal audit for its fiduciary activities, and for violating 12 C.F.R. § 9.9.”
Furthermore, the OCC found that for years the bank had operated with a “weak management and control framework for its fiduciary activities.” JPMorgan was found to have an insufficient audit program, inadequate internal controls, deficient risk management practices, and lacked the proper systems to avoid conflicts of interest. The $250,000,000 penalty will be paid to the U.S. Treasury.
Contact Levin Law for a Free Consultation
This is not the first regulatory action against JPMorgan Chase or its subsidiaries. J.P. Morgan Securities, LLC, a broker-dealer subsidiary of JPMorgan Chase Bank, National Association, was required to pay $920 million for fraudulently engaging in manipulative trading. Our experienced securities and banking attorneys continue to investigate allegations of unlawful conduct by JPMorgan and other financial institutions.
If you have suffered losses, contact Levin Law managing partner Brian Levin for a free case evaluation at (855) 862-2306 or via email at br***@le********.com. Most cases are accepted on a contingency-fee basis, meaning you do not pay Levin Law’s attorney fees unless there is financial compensation recovered on your behalf.
About Levin Law
Levin Law is a premier national securities and class action law firm with significant experience. Brian Levin, Levin Law’s founding attorney, has helped recover over $100,000,000 through securities arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.
