A former JPMorgan employee is in the cross hairs of the Financial Industry Regulatory Authority (FINRA) over alleged regulatory violations.
FINRA says it’s penalizing Dale Self with a $5,000 fine and suspending him from associating with its members for 15 business days for “improperly” taking the personal information of dozens of customers from J.P. Morgan Securities without the consent of his employer or the clients.
J.P. Morgan Securities is the investment management arm of JPMorgan Chase.
According to the self-regulatory organization of the US financial industry, Self took the information from J.P. Morgan Securities ahead of an anticipated move to rival firm. Self had worked at the JPMorgan Chase subsidiary as a general securities representative for over a decade.
FINRA says,
“Self took handwritten notes of nonpublic personal information pertaining to more than 200 J.P. Morgan Securities customers, including customer dates of birth, social security numbers, and financial account numbers, in a notebook.”
The US regulator further says that Self revealed the customer information contained in the notebook to his would-be employer weeks before leaving J.P. Morgan Securities.
“The disclosed nonpublic personal customer information was used to prepare new account forms and populate customer relationship software for these customers, in anticipation of transferring these customers’ J.P. Morgan Securities accounts to the new firm.”
According to FINRA, Self eventually returned the customer information to J.P. Morgan Securities at the request of his former employer.
He has agreed to settle with the agency without admitting or denying guilt.
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