{"id":5911,"date":"2015-12-18T00:00:00","date_gmt":"2015-12-18T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/12\/jp_morgan_chase_settles_sec_an"},"modified":"2015-12-18T00:00:00","modified_gmt":"2015-12-18T06:00:00","slug":"jp-morgan-chase-settles-sec-an","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jp-morgan-chase-settles-sec-an\/","title":{"rendered":"J.P. Morgan Chase Settles SEC and CFTC Charges Alleging Client Steering for $307M"},"content":{"rendered":"

J.P. Morgan Chase & Co. (JPM)<\/a> will pay $307M to resolve Securities and Exchange Commission and Commodity Futures Trading Commission charges accusing two of its units of not telling wealthy clients about certain conflicts of interest. The JPM businesses are J.P. Morgan Securities LLC, its wealth management investment advisory business that offers investment products to clients that have a net worth of $250K – $5M, and JPMorgan Chase Bank N.A., its U.S. private bank that deals with clients that have a $5M net worth or greater.<\/p>\n

According to the agreement, the investment advisory service did not tell wealth management customers that its Chase Strategic Portfolio, which is a program for wealth management customers, favored mutual funds managed by the firm. For several years, the program put about $10 billion of $32.6 billion in proprietary funds, and until the earlier part of 2012, at least 47% of the assets were in such funds. <\/p>\n

The private bank also showed a similar preference toward the bank\u2019s products. It was not until 2011 that it told clients that language in its disclosures noting that it preferred managers affiliated with JPM had been \u201cmistakenly\u201d removed. The language was not put back until last year. <\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

J.P. Morgan Chase & Co. (JPM) will pay $307M to resolve Securities and Exchange Commission and Commodity Futures Trading Commission charges accusing two of its units of not telling wealthy clients about certain conflicts of interest. The JPM businesses are J.P. Morgan Securities LLC, its wealth management investment advisory business that offers investment products to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3810,3752,3958,3760,3795,3761],"tags":[3573],"class_list":["post-5911","post","type-post","status-publish","format-standard","hentry","category-cftc","category-financial-firms","category-jp-morgan-chase","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis","tag-client-steering"],"yoast_head":"\nJ.P. 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