N.H. Gets Share Of National Settlement With J.P. Morgan

Mar 31, 2014

Credit Thomas Vander Wal / Flickr Creative Commons

New Hampshire will receive a share of more than $2.9 million as part of a national settlement with J.P. Morgan Securities.  

The investigation that prompted the settlement was led by New Hampshire securities regulators.

Under the settlement, New Hampshire will get $235,210.  The sales assistants in question aren’t brokers, but they can take securities orders—like stock trades—over the phone.  And they’re required to register in each state where they make sales.  Bureau of Securities Regulation lawyer Eric Forcier says it comes down to consumer protection.

“They go through an approval process where disciplinary records are checked, and we make a determination in our office, makes a determination as to whether or not it’s appropriate for them to sell securities in New Hampshire,” he says.

Forcier says 47 out-of-state workers made tens of thousands of trades for Granite Staters between 2006 and 2011.  The investigation also found the firm failed to keep proper records.   

This settlement and similar agreements over the past few years with RBC, UBS and Merrill Lynch, have netted the state more than $1 million.