JPMorgan Chase To Pay $250,000 for Defaming Former Employee As Regulator Orders Bank To Eliminate Series of Allegations

The Monetary Business Regulatory Authority (FINRA) is ordering JPMorgan Chase to pay a whole lot of hundreds of {dollars} in damages to a former worker who accused the financial institution of defamation.

Former JPMorgan Securities (JPMS) monetary advisor Michael C. Nolan says the trillion-dollar lender broken his status in a Kind U5 submitting to FINRA after he left the financial institution in 2022.

FINRA requires member organizations to file a Kind U5 to elucidate why people left the agency.

In its Kind U5, JPMorgan alleged that Nolan violated firm coverage and shared delicate info with a consumer.

“Registered Consultant is beneath inner assessment for allegedly: sharing materials private info with a consumer; failing to correctly disclose his private affiliation with an outdoor enterprise curiosity previous to requesting info from agency assets relating to the surface curiosity; and, violating the agency’s coverage prohibiting the usage of unapproved digital communication channels for enterprise communications.” 

Nolan, who labored at JPMorgan for 41 years, denies the allegations and lodged a dispute declare citing FINRA Rule 1122, which prohibits monetary establishments from submitting deceptive info relating to a registered adviser.

After over a yr of arbitration, FINRA is awarding Nolan $250,000 in compensatory damages and ordering JPMorgan to expunge all defamatory language and responses on his Kind U5.

“[JPMorgan Chase] is chargeable for and shall pay to Claimant the sum of $250,000.00 in compensatory damages, which incorporates the declare for development/indemnification.”

JPMorgan Chase has shelled out $522.448 million in whole fines since 2000 levied by US regulators, enforcement businesses and lawsuits associated to employment offenses, in line with Violation Tracker, a complete company misconduct database.

The financial institution generated $49.6 billion in revenue final yr.

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