The Securities and Exchange Commission fined JPMorgan Chase $4 million for mistakenly deleting 47 million emails, many of which the regulator was trying to access as part of multiple probes. The contents of some of the emails, which could not be recovered since they were permanently deleted, were requested in subpoenas for at least a dozen civil securities-related regulatory investigations, the SEC said in an administrative order published on Thursday. SEC regulations required JPMorgan (JPM) to retain emails for a 36-month period. “Because the deleted records are unrecoverable, it is unknown – and unknowable – how the lost records may have affected the regulatory investigations,” the SEC order stated. “JPMorgan takes its record-keeping obligations seriously,” said Veronica Navarro, who heads JPMorgan’s corporate communications division.

Source: CNN June 23, 2023 18:33 UTC