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Disclosure failures cost JPMorgan Chase and subs $307M

12/18/2015
Fine Amount: 
$307 million
Penalty Type: 
Issued by: 

Disclosure failures cost JPMorgan Chase and subs $307M
The SEC has announced that two J.P. Morgan wealth management subsidiaries have agreed to pay $267 million and admit wrongdoing to settle charges that they failed to disclose conflicts of interest to clients. An SEC investigation found J.P. Morgan Securities LLC (JPMS) and nationally chartered bank JPMorgan Chase Bank N.A. (JPMCB) preferred to invest clients in the firm’s own proprietary investment products without properly disclosing this preference. In a parallel action, JPMorgan Chase Bank agreed to pay an additional $40 million penalty to the U.S. Commodity Futures Trading Commission (CFTC).

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