JP Morgan's Multi-Million Record Retention Screwup: Evidence Accidentally Deleted.
JP Morgan has been fined $4 million by the US Securities and Exchange Commission (SEC) for deleting millions of email records dating from 2018 relating to its Chase Bank subsidiary. The bank deleted around 47 million electronic communications records from about 8,700 electronic mailboxes covering the period January 1 through to April 23, 2018. The SEC found that JP Morgan had “wilfully violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder” which require broker-dealers to preserve for at least three years all communications received and copies of all communications sent relating to its business.