SEC fines JP Morgan $200 million for conducting business communications on unofficial channels like whatsApp

The US Securities and Exchange Commission and Commodity Futures Trading Commission have fined JP Morgan $200 million for engaging in business communication on unofficial channels like WhatsApp. The bank admitted to violating US recordkeeping obligations from 2018 to 2020. The SEC issued subpoenas and requests and but JPMorgan was unable to fully comply because it could not obtain relevant information from the personal devices of employees. The SEC may be investigating other financial institutions to see if they are or have been doing the same thing. Jeffrey Newman represents whistleblowers including SEC whistleblowers. He can be reached at 617-823-3217 or Jeffrey.Newman1@gmail.com