JPMorgan Chase was fined $4M by the Securities and Exchange Commission

 

JPMorgan Chase was fined $4M by the Securities and Exchange Commission for mistakenly deleting 47 million emails, many of which were part of probes by the regulator.  The contents of some of the emails, which were not recovered because they were permanently deleted, were requested in subpoenas in over a dozen securities investigations. Emails from January to April 2018 were deleted in 2019 from 8,700 inboxes belonging to as many as 7,500 employees. Miscommunications between the company's corporate compliance technology division and an outside vendor tasked with archiving and deleting communications led to the accidental deletions. Once JPMorgan discovered this, it reported it to the SEC in 2020. "JPMorgan takes its record-keeping obligations seriously," said Veronica Navarro, who heads JPMorgan's corporate communications division. "We have taken steps to enhance our process and procedures."