J.P. Morgan Securities agreed Monday to pay $18 million to settle Securities and Exchange Commission charges that the firm impeded hundreds of advisory clients and brokerage clients from reporting potential securities law violations to the SEC.
Without admitting or denying the SEC’s findings, J.P. Morgan’s securities unit agreed to be censured, cease and desist from violating the whistleblower protection rule and pay the $18 million civil penalty.
According to the SEC’s order, from March 2020 through July 2023, the business regularly asked retail clients to sign confidential release agreements if they had been issued a credit or settlement from the firm of more than $1,000.
“The agreements required the clients to keep confidential the settlement, all underlying facts relating to the settlement, and all information relating to the account at issue,” according to the SEC.
Since 2020, at least 362 clients of J.P. Morgan Securities have signed a release, receiving an amount ranging from approximately $1,000 to $165,000, the order states.
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