J.P. Morgan Securities Inc.
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| J.P. Morgan Securities Inc. | |
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| Headquarters | New York, NY |
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| Key People | Equity Capital Markets Co-Head David Topper |
| Website | www.jpmorgan.com |
J.P. Morgan Securities Inc. is the wholly-owned broker-dealer subsidiary of finance and banking giant JPMorgan Chase & Co. JPMSI, which offers mostly corporate finance, investment and trading products and services for larger customers, withstood several well-publicized market scandals earlier this decade.
Recent History[edit]
J.P. Morgan Securities Inc. (JPMSI), headquartered on New York City's Park Avenue, was founded in 1986[1] and in fiscal year ending December 2007 chalked up estimated sales of $414 million with 4,200 employees.[2] As well as securities broking and trading, JPMSI also advises on corporate restructuring, underwrites debt and equity, trades derivatives and offer strructured investments to mostly corporate and institutional clients. Its derivatives-market equivalent is J.P. Morgan Futures Inc.
In 2003 JPMSI paid a total of $75 million in settlements to the U.S. Securities and Exchange Commission (SEC) that ended two separate charges of improper practises by JPMSI. In April of 2003 JPMSI settled for $25 million in disgorgement and $25 million in penalities an SEC probe that included nine other brokerages, into alleged conflicts of interests by its research analysts.[3]
Six months later JPMSI paid another $25 million to end a separate SEC charge that the brokerage violated a rule preventing Initial Public Offering (IPO) issuers from inducing recipients to later purchase shares in the aftermarket.[4] The SEC also alleged that JPMSI separately induced some IPO customers to accept low-demand issues in return for later favorable allocations of high-demand IPO offerings.
Key People[edit]
Managing director and co-head of Equity Capital Markets for the Americas, David Topper, joined JPMFI in July 2005 after a 22-year career at Morgan Stanley, most recently as managing director of Global Equiity Capital Markets.[5]
References[edit]
- ↑ J.P. Morgan Securities Inc.. BusinessWeek.
- ↑ J.P. Morgan Securities Inc.. Hoovers.com.
- ↑ SEC SUES J.P. MORGAN FOR RESEARCH ANALYST CONFLICTS OF INTEREST FIRM TO SETTLE WITH SEC, NASD, NYSE, NY ATTORNEY GENERAL, AND STATE REGULATORS. SEC.
- ↑ SEC Sues J.P. Morgan Securities Inc. for Unlawful IPO Allocation Practices J.P. Morgan Agrees to Settlement Calling for Injunction and Payment of $25 Million Penalty. SEC.
- ↑ David Topper Joins JPMorgan As Co-Head of Equity Capital Markets for the Americas. BusinessWire.