JP Morgan pays $4M for misleading broker compensation data

The Securities and Exchange Commission has announced that J.P. Morgan’s brokerage business agreed to pay $4 million to settle charges that it falsely stated on its private banking website and in marketing materials that advisors are compensated "based on our clients' performance; no one is paid on commission." An SEC investigation found that although J.P. Morgan Securities LLC did not pay commissions to registered representatives in its U.S. Private Bank, compensation was not based on client performance. Advisors were instead paid a salary and a discretionary bonus based on a number of other factors.