Consumer complaint received 2018-09-18
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Other transaction problem — 
Company: JPMORGAN CHASE & CO. (NY)

Table of Authorities : 1. New York Consolidated Laws Fiduciary Power BNK 201-b Every foreign banking corporation licensed pursuant to article two of this chapter to maintain one or more branches or agencies in this state, and holding an authorization certificate issued pursuant to this section may, subject to such further limitations and restrictions as the superintendent may prescribe, exercise the powers described in sections one hundred, one hundred-a, one hundred-b and one hundred-c of this chapter to the same extent, and subject to the same requirements and restrictions and effect as apply in the case of trust companies in the exercise of such powers. 
The superintendent shall, within sixty days of the receipt by him of a request for such authorization, issue to a foreign banking corporation licensed pursuant to article two of this chapter to maintain one or more branches or agencies in this state, a certificate of authorization to exercise the fiduciary powers referred to in this section at all or at any one or more of its authorized branches or agencies, if he shall be satisfied that such powers will be exercised in accordance with the requirements of this chapter. The superintendent may, after giving notice of the contemplated action and reasonable opportunity to be heard, revoke any such certificate of authorization if he shall find that a foreign banking corporation so authorized has failed to conform to any requirement of this chapter relating to the conduct of such business. Such revocation may apply to one or more of the authorized branches or agencies of a foreign banking corporation. 
2. New York Consolidated laws - Maintenance of Books and Accounts BNK 200-c : Every foreign banking corporation licensed pursuant to this chapter to maintain one or more branches, agencies or representative offices in this state shall maintain or make available at any such branch, agency or representative office appropriate books, accounts and records reflecting ( i ) all transactions effected by or on behalf of the branch, agency or representative office and ( ii ) all actions taken in this state by employees of the foreign banking corporation located in this state to effect transactions on behalf of any office of such foreign banking corporation located outside this state. 
3. New York Consolidated Laws- Joint Deposit and Shares ; Ownership and Payment BNK 675 : ( a ) When a deposit of cash, securities, or other property has been made or shall hereafter be made in or with any banking organization or foreign banking corporation transacting business in this state, or shares shall have been already issued or shall be hereafter issued, in any savings and loan association or credit union transacting business in this state, in the name of such depositor or shareholder and another person and in form to be paid or delivered to either, or the survivor of them, such deposit or shares and any additions thereto made, by either of such persons, after the making thereof, shall become the property of such persons as joint tenants and the same, together with all additions and accruals thereon, shall be held for the exclusive use of the persons so named, and may be paid or delivered to either during the lifetime of both or to the survivor after the death of one of them, and such payment or delivery and the receipt or acquittance of the one to whom such payment or delivery is made, shall be a valid and sufficient release and discharge to the banking  organization or foreign banking corporation for all payments or deliveries made on account of such deposit or shares prior to the receipt by the banking organization or foreign banking corporation of notice in writing signed by any one of such joint tenants, not to pay or deliver such deposit or shares and the additions and accruals thereon in accordance with the terms thereof, and after receipt of any such notice, the banking organization or foreign banking corporation may require the receipt or acquittance of both such joint tenants for any further payments or delivery. 
( b ) The making of such deposit or the issuance of such shares in such form shall, in the absence of fraud or undue influence, be prima facie evidence, in any action or proceeding to which the banking organization, foreign banking corporation, surviving depositor or shareholder is a party, of the intention of both  depositors or shareholders to create a joint tenancy and to vest title to such deposit or shares, and additions and accruals thereon, in such survivor. The burden of proof in refuting such prima facie evidence is upon the party or parties challenging the title of the survivor. 
( c ) The superintendent of financial services shall promulgate and may from time to time amend rules and regulations which require that the joint tenants of an account established on or after the date on which the rule or regulation becomes effective and representing any deposit or shares governed by the foregoing provisions of this section, shall, at the time the account is established be informed of the terms and conditions of the account including the relationship and consequences between the parties in the account and the responsibilities of the institution with which the account is established. This subdivision or any rule or regulation thereunder shall not be deemed or construed as increasing or diminishing the rights or liability of any person, or other entity. 
4. New York Consolidated laws Decedents accounts ; withdrawal by authorized person : A.The maximum withdrawal permissible by law for purposes of this section shall be the amount permitted to be paid, without the consent of the commissioner of taxation and finance, under rules or regulations promulgated by such commissioner pursuant to section one hundred seventy-one of the tax law. 
B.Repealed by L.1997, c. 389, pt. A, 31. 
C.Notwithstanding the foregoing, no banking organization or foreign banking corporation shall be required to make any payment pursuant to this section if ( a ) it has notice of an adverse claim with respect to any such savings or time deposits or shares standing on its books to the credit of the decedent, or ( b ) there is in effect an order, injunction or other appropriate process of a court of competent jurisdiction restraining such payment, or ( c ) it has notice that such payment would violate the terms of a legal and valid trust, or ( d ) such payment is inconsistent with any federal laws or regulations.

D.Such payments as any banking organization or foreign banking corporation is required to make pursuant to this section shall be a valid and sufficient release and discharge to such banking organization or foreign banking corporation for any payment so made. 
5. FINRA Rule 2160 Use of Information obtained in a fiduciary capacity : A member who in the capacity of paying agent, transfer agent, trustee, or in any other similar capacity, has received information as to the ownership of securities, shall under no circumstances make use of such information for the purpose of soliciting purchases, sales or exchanges except at the request and on behalf of the issuer. 

Background : In 2011 I inherited joint tenancy with XXXX XXXX XXXX from XXXX XXXX XXXX on XXXX XXXX, XXXX XXXX, & XXXX XXXX held by XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX   XXXX XXXX ( XXXX ) under custody and deposit agreement at J.P Morgan Chase in New York ; Account numbers XXXX and XXXX. 
Since this date J.P Morgan has consistently paid XXXX XXXX XXXX listed on XXXX  XXXX XXXX XXXX 45 % of the royalties on XXXX XXXX. Despite this consistent payment, the other stockholders of 55 % have not been paid. This is in breach of their fiduciary responsibility as the clearinghouse on the account. 
Also J.P Morgan Chase & their two clients XXXX XXXX XXXX and XXXX XXXX XXXX have co-conspired to illegally assign 45 % equity interest XXXX XXXX XXXX and maintain a sales/purchase agreement with XXXX XXXX XXXX to deliver over XXXX bb/l of XXXX XXXX XXXX  crude oil a port in the XXXX XXXX of the XXXX XXXX. These corporate actions in coordination with J. P Morgan Chase are in breach of their fiduciary duty, in violation of XXXX XXXX XXXX share repurchase policy, and should be considered Insider Trading. There is also a violation of FINRA rule 2060 with information obtained in a fiduciary capacity, then used to make sales and purchases, must be only on behalf of the issuer. 
Relief : An order from the Consumer Financial Protection Bureau as to the following : 1. The balance of payments since 2011 be paid up to the Estate of XXXX XXXX XXXX XXXX. 
2. J.P Morgan must keep adequate books and records of the account. 
3. XXXX XXXX XXXX must be informed of every transaction on the account within a reasonable time and must retain supervisory control. 
4. Ownership & Control Report to be kept on file at the bank as mandated by Intercontinental Exchange Regulation. 
5. The right of the Estate of XXXX XXXX XXXX to give instructions and caveats regarding this transaction, custody/deposit agreement, and general corporate policy.