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JPMorgan to Pay $900,000 for Overcharging Customers - CFTC
JPMorgan Securities agreed to pay a $900,000 penalty to settle CFTC charges that the firm failed to diligently supervise its officers, employees and agents in their processing of exchange and clearing fees charged to customers for trading and clearing Chicago Mercantile Exchange products and products. JPMS, a Futures Commission Merchant and a swap dealer, allegedly committed the violations from 2010 to 2014.
According to the CFTC Order, JPMS used insufficient staffing to reconcile invoices it received from exchange clearinghouses with the amounts of fees actually charged to its customers. The fee reconciliation process was largely manual and carried out by a single employee at the month’s end using 3 different JPMS systems. As a result, there were instances in which JPMS overcharged some customers, in an aggregate, some $7.8 million. JPMS apparently discovered the problem in 2014, self-reported it to the CFTC, and took remedial steps, including refunding adversely affected customers.
The Order recognizes JPMS’ significant cooperation with the CFTC’s Division of Enforcement during the investigation of this matter.
