WASHINGTON—The brokerage arm of JPMorgan Chase & Co. on Friday agreed to pay $200 million in fines and admit that it failed to keep track of employees’ use of personal messaging apps that circumvented record-keeping requirements.
The Securities and Exchange Commission said its fine, $125 million, is the largest ever for a breach of rules requiring brokerages to retain most communications so the data can be monitored internally and made available to regulators. The SEC said the breakdown was widespread and hindered some enforcement investigations, which often make use of what individuals write in emails and other messaging channels.
