JPMorgan Chase has accumulated over $39 billion in fines from US regulators, enforcement agencies, and lawsuits for various violations, including anti-competitive practices and securities abuses.

SEC imposes fine

The recent $4 million fine imposed by the SEC adds to the total amount of fines paid by the banking giant since 2000, which now stands at $38.995 billion.

Based on information from the Violation Tracker, a database that documents corporate wrongdoing, it appears that JPMorgan recently received a fine from the SEC.

The bank has not publicly commented on the enforcement action, which alleges that the company failed to maintain and provide access to 47 million emails required by regulators.

As a result, at least twelve ongoing investigations have been hindered due to the unavailability of requested documents.

“Because the deleted records are unrecoverable, it is unknown – and unknowable – how the lost records may have affected the regulatory investigations. Indeed, a member of JPMorgan’s compliance department acknowledged in an internal email after the deletion event was discovered that lost documents could relate to potential future investigations, legal matters and regulatory inquiries.”

The Violation Tracker not only accounts for fines issued by US regulators and enforcement agencies but also includes state and federal lawsuits in its data.

According to a report by WSB-TV in Atlanta, Georgia, Justin Lee claims to have lost $30,000 after an individual with fake identification and an incorrect social security number tricked Chase Bank into giving them the money. Lee has been struggling for over a year to recover his funds.

Despite losing an arbitration case, he sought help by reaching out to Senator Sherrod Brown, who currently heads the Senate Banking Committee.

The Senator’s office has taken up the matter and is working with Chase to ensure that Lee is rightfully compensated.

“We’ve sent a letter to the banks. We’ve reached out to them, we’ve pushed them. We’re hopeful that they’re going to come to the table and fix this.”

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