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Fsa Levies Largest Ever Fine Of £33.32M On J.p.morgan Securities Ltd

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What were the auditors doing?

Between 1 November 2002 and 8 July 2009, JPMSL failed to segregate the client money held by its futures and options business (F&O) with JPMorgan Chase Bank N.A (JPMCB). The error occurred following the merger of JPMorgan and Chase. Instead of being held overnight in a segregated money market account, JPMSL’s F&O client money was held in an unsegregated account with JPMCB. This error remained undetected for nearly seven years.


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If you were the brightest and most highly paid banksters in the world would you have noticed if $23,000,000,000 of other people's money got accidentally mixed up with your own for 8 years?

Easy mistake to make

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  • 396 Brexit, House prices and Summer 2020

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      • down 5% +
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