FINRA Fines J.P. Morgan For Consultant Payments

Law360, New York (December 13, 2007, 12:00 AM EST) -- J.P. Morgan Securities paid a fine of $500,000 to the Financial Industry Regulatory Authority to settle allegations that the firm failed to tell a regulatory board that it had hired and paid consultants to obtain municipal securities offerings.

FINRA disclosed the fine on Thursday, claiming that J.P. Morgan did not report that it used consultants to obtain municipal securities to the Municipal Securities Rulemaking Board. The firm also did not disclose that it made payments to consultants in connection with certain offerings, FINRA said.

According to...
To view the full article, register now.