JPMorgan Fined $4 Million by SEC for Accidental Deletion of 47 Million Records

JPMorgan Chase will pay a $4 million fine to settle allegations by the Securities and Exchange Commission (SEC) that the bank mistakenly deleted 47 million electronic records, including emails and instant messages, from January to April 2018, leaving communications unavailable to regulators in a dozen investigations. The SEC alleged that JPMorgan could not come up with requested documents in eight SEC investigations and four other regulatory probes. The bank didn’t admit to or deny the regulator’s allegations.