JP Morgan Securities failed to segregate client money held by futures and options business with JPMorgan Chase Bank N.A (JPMCB) The error occurred following the merger of JPMorgan and Chase. The fine imposed on JPMorgan is equal to about 1 percent of the average amount of unsegregated client money. Had the firm become insolvent during the seven years, the client money would have been at risk of loss. The FSA says this penalty sends out a strong message to firms of all sizes that they must ensure client money is segregated.”]
Source: https://www.bankinfosecurity.com/jp-morgan-securities-fined-49-million-a-2599