SEC eyes JPMorgan on muni bidding

A Wells notice focuses on the firm's "bidding of various financial instruments associated with municipal securities."
MAY 13, 2008
JPMorgan Chase & Co. received a Wells notice, indicating that its JPMorgan Securities Inc. unit might face an enforcement action from the Securities and Exchange Commission. The action would focus on “the bidding of various financial instruments associated with municipal securities,” according to an SEC filing. Last month, the company was named along with five other commercial banks, investment banks, insurance companies and brokers as defendants in several class actions regarding the selling of derivatives and investment products to state and local governments that raise money in the municipal bond market. The filing did not state whether there was any connection between the Wells notice and the lawsuits. JPMorgan Chase & Co. and JPMorgan Securities Inc. are located in New York.

Latest News

Mercer Advisors, Osaic deepen AI bets with Arch and Nitrogen deals
Mercer Advisors, Osaic deepen AI bets with Arch and Nitrogen deals

Arch claims 40% operating cost savings for Mercer as Nitrogen unlocks its agentic AI and tech suite to 10,000 Osaic advisors

LPL advisor, South Carolina state senator, elected to U.S. Congress
LPL advisor, South Carolina state senator, elected to U.S. Congress

A happy coincidence: one of LPL Financial’s corporate campuses happens to be based in Rep.-elect Wes Climer’s new district.

Advisor moves: JPMorgan lands $940M Merrill veteran in Los Angeles
Advisor moves: JPMorgan lands $940M Merrill veteran in Los Angeles

Wells Fargo and UBS also add advisors from Morgan Stanley, Edward Jones, Merrill and Fidelity in a fresh round of wirehouse recruiting

Wall Street products, Main Street regulators
Wall Street products, Main Street regulators

How we got here – and what to do about it

Most Americans are OK with AI managing their money - but not how you think
Most Americans are OK with AI managing their money - but not how you think

AI trust gap: Americans want protection, not autonomy, in their finances

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor