Between January 2018 and May 2022, Little willfully violated Municipal Securities Rulemaking Board (MSRB) Rules G-11 and G-17 by submitting orders for new issue municipal bonds without disclosing that the bonds were for NewEdge's dealer account. For these violations, Little is suspended in all capacities for nine months and fined $20,000. Between January 2018 and May 2022, Cline and Erickson violated MSRB Rule G-27 by failing to reasonably respond to red flags indicating the firm was obtaining improper allocations of new issue municipal bonds.

Between April 2020 and March 2022, J.P. Morgan violated FINRA Rules 5190 and 2010 in 250 instances by not filing or filing untimely or inaccurate notifications with FINRA in connection with its participation in distributions of securities subject to Regulation M under the Securities Exchange Act of 1934. In addition, between August 2020 and January 2024, J.P. Morgan violated FINRA Rules 3110(a) and (b) and 2010 by failing to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with FINRA Rule 5190.