"This penalty sends out a strong message to firms of all sizes that they must ensure client money is segregated in accordance with FSA rules. Firms need to sit up and take notice of this action -- we have several more cases in the pipeline," warned Margaret Cole, the FSA's head of enforcement.
Ignoring the how and why'...s the fine was issued in the first place, lets just focus on the above statement. "Strong message" well JPMorgan Securities is part of JPMorgan Chase. Now for the fourth quarter of 09 they had a net income of 3.3 BILLION. Now also consider that JPMorgan Chase has assets of over 2 TRILLION. So 33 million yea sure Strong Message.
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