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Home»Regulation»JPMorgan Chase must pay $250,000 for defaming a former employee, while regulator orders bank to eliminate series of allegations
JPMorgan Chase must pay $250,000 for defaming a former employee, while regulator orders bank to eliminate series of allegations
Regulation

JPMorgan Chase must pay $250,000 for defaming a former employee, while regulator orders bank to eliminate series of allegations

2024-04-14No Comments2 Mins Read
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The Financial Industry Regulatory Authority (FINRA) has ordered JPMorgan Chase to pay hundreds of thousands of dollars in damages to a former employee who accused the bank of defamation.

Former JPMorgan Securities (JPMS) financial advisor Michael C. Nolan says the trillion-dollar lender damaged its reputation in a Form U5 filing with FINRA after leaving the bank in 2022.

FINRA requires member organizations to file a Form U5 to explain why individuals left the firm.

In its Form U5, JPMorgan alleged that Nolan violated company policy and shared sensitive information with a customer.

“The Registered Representative is under internal review for allegedly: sharing material, non-public information with a customer; failing to properly disclose his personal connection to an outside business interest before requesting information from established sources about the outside interest; and violating the company’s policy prohibiting the use of unapproved electronic communications channels for business communications.”

Nolan, who worked at JPMorgan for 41 years, denies the allegations and has filed a dispute claim citing FINRA Rule 1122, which prohibits financial institutions from submitting misleading information about a registered advisor.

After more than a year of arbitration, FINRA awarded Nolan $250,000 in damages and ordered JPMorgan to remove all defamatory language and comments on his Form U5.

“[JPMorgan Chase] is liable for and will pay to the plaintiff the sum of $250,000.00 in compensatory damages, including the claim for disbursement/indemnification.”

JPMorgan Chase has paid out a total of $522.448 million in fines imposed by U.S. regulators, enforcement agencies and lawsuits related to employment violations since 2000, according to Violation Tracker, a comprehensive database of corporate misconduct.

See also  Russian National Set to forfeit almost $ 23,000,000 after he agreed to plead guilty of crypto -market manipulation

The bank generated $49.6 billion in profits last year.

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