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JPMorgan (JPM) Gets CFTC Order to Pay for Surveillance Lapses
JPMJP MORGAN CHASE(JPM) zacks.com·2024-05-24 15:26

An order has been issued against JPMorgan (JPM) by the Commodity Futures Trading Commission (“CFTC”) to pay a 200−millioncivilmonetarypenaltyforfailingtocapturebillionsofordersinitssurveillancesystems.TheorderalsorequiresthebanktoceaseanddesistfromfurtherviolationsoftheCFTC’ssupervisionrequirements,andcomplywithconditionsandundertakingsspecifiedintheorder.Theorderprovidesthatthemonetarypenaltyobligationwillbeoffsetby200-million civil monetary penalty for failing to capture billions of orders in its surveillance systems.The order also requires the bank to cease and desist from further violations of the CFTC’s supervision requirements, and comply with conditions and undertakings specified in the order.The order provides that the monetary penalty obligation will be offset by 100 million of any payment made pursu ...