JPMorgan Unit Fined for Failing to Ensure It Didn’t Hire Crooks

It probably comes as no surprise that banks are barred from hiring people who’ve been convicted of crimes. What is surprising is that for most of the past decade a JPMorgan Chase & Co. brokerage unit didn’t perform basic checks to keep that from happening.

JP Morgan Securities will pay $1.25 million to settle claims that it failed to do sufficient background screening for 95 percent of its non-registered employees from January 2009 to May 2017, the Financial Industry Regulatory Authority said in a statement Nov. 20. During that period, four people who would have been disqualified because of criminal ...