SEC Warns Firms After JP Morgan Muni Bond Probe

By Shannon Henson

Law360, New York (March 19, 2010, 7:32 PM ET) -- In scrutinizing a campaign contribution a former JPMorgan Chase & Co. vice chairman made to the former treasurer of California, the U.S. Securities and Exchange Commission has determined that J.P. Morgan Securities Inc. may have violated a pay-to-play rule and has issued a report meant to put other investment firms on notice.

In a report issued Thursday, the SEC said J.P. Morgan Securities may have violated MSRB Rule G-37, which generally prohibits investment firms from underwriting municipal bonds for an issuer for two years after a...
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