Regulatory Alerts2024-06-10
Pennsylvania Department of Banking and Securities Consent Agreement with J.P. Morgan Private Wealth Advisors, LLC
The Pennsylvania Department of Banking and Securities issued a Consent Agreement and Order against J.P. Morgan Private Wealth Advisors, LLC for violating the Pennsylvania Securities Act by employing an unregistered investment adviser representative. The firm failed to properly register a former employee from First Republic Bank after JPMorgan Chase acquired the bank in July 2023. As part of the settlement, J.P. Morgan Private Wealth Advisors, LLC agreed to pay a $20,000 administrative assessment and comply with state securities registration requirements without admitting or denying the allegations.
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