To date, the firm has paid over US$55m through Finra arbitrations or settlements related to a broker’s ‘complex investment strategy’ spanning 2016 to 2020.

J.P. Morgan Securities (JPM) has been censured and fined US$3.25m by Finra for its failure to address red flags related to an investment strategy that led to steep losses during a period of heightened market volatility in March 2020, according to a letter released by Finra on 6 April. From at least January 2016 to April 2020, the strategy involved purchasing concentrated positions in high-yield securities, while also using margin and other forms of leverage to finance these positions. The secur