JPMorgan Settles With NJ Over Unregistered Sales Agents

Law360, New York (May 2, 2014, 2:00 PM EDT) -- J.P. Morgan Securities LLC has agreed to pay the state of New Jersey $50,460 to resolve allegations it allowed unregistered agents to accept orders for the purchase and sale of securities, the New Jersey Division of Consumer Affairs and the Bureau of Securities announced Friday.

In an administrative consent order, JPMorgan neither admitted to nor denied allegations that certain sales assistants working in legacy brokerage units of Banc One Securities Corp. and Bear Stearns & Co. Inc. accepted orders without being registered in New Jersey....
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