On October 27 of last year, JPMorgan Chase filed an 8K form with the Securities and Exchange Commission (SEC) advising that, for the first time ever, its long-tenured Chairman and CEO, Jamie Dimon, and his family, intended to “sell 1 million shares” of his common stock holdings in the bank in 2024.
The news made headlines because an insider selling a large amount of stock in any company – and particularly a bank with JPMorgan Chase’s serial history of running afoul of the law – can be a harbinger of bad news ahead for other shareholders.
Dimon didn’t wait long into 2024 to start dumping stock. JPMorgan Chase filed another SEC form this past February showing that Dimon had sold 821,778 shares of the bank’s common stock for $150,167,222.52, or an average share price of $182.73 – which was suspiciously close to the stock’s all-time high at that point.