April 15, 2014 Comments (0) Blog, Securities Fraud

J.P. Morgan Clearing Corp. fined by FINRA

(Last Updated On: July 17, 2015)

J.P. Morgan Clearing Corp. (CRD #28432, Brooklyn, New York) recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $200,000.

Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it included non-margin equity securities in certain portfolio margin accounts and improperly applied strategy-based maintenance margin requirements that were not permitted for positions held in a portfolio margin account. The findings stated that because non-margin equity securities could not be held within a portfolio margin account unless the firm applied a 100 percent regulatory maintenance requirement on a daily basis, the accounts at issue were under-margined.

This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida. To speak with a securities attorney, please call the firm’s Chicago office at 312/238-9650.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

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